Solana Price Stuck in Triangle as Big Players Fail to Break Resistance
Solana's price has been stable in August, with a median value that remains unchanged. However, its average price is up by 61.1% year-over-year, which skews heavily towards the years 2020 and 2021.
The cryptocurrency's price has dipped to $73.59 as of July 31, representing a 1.14% decrease from its peak. This puts Solana at the top of a triangle formed by its May peak and a descending trend line.
The news of Morgan Stanley collecting $19.06 million in its second trading day, marking the largest influx into SOL ETF since mid-May, has not been enough to push through this resistance level. Additionally, KSNET's memorandum of understanding with Solana Fund to expand Solana Pay to 330,000 Korean traders handling $4 billion monthly has yet to break this barrier.