Solana's Bear Run May Be Ending as Fundamentals Improve

Solana's price has been bearish for 10 months in a row, with July closing down 1.1% and marking its tenth consecutive monthly red candle.

This weakness hasn't translated into weaker fundamentals, however, as the network has seen significant upgrades to improve efficiency and throughput.

The SIMD-0286 upgrade, activated on July 29th, increased the compute limit from 60 to 100 million, allowing for more room to handle demand spikes without affecting network activity. This has also led to a 30% decrease in transaction fees since the upgrade was implemented.

Additionally, Solana processed 8.7 billion transactions in July, its highest monthly count in four months, according to Token Terminal data.