Altcoins News
By James Thorp
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SOL Price Surge Boosted On-Chain Growth in July. Between July 1 and 22, Solana rallied by over 40%, lifting investor sentiment and driving…
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Network Activity Shows Early Signs of Cooling. As August begins, key metrics indicate a slowdown across Solana’s on-chain environment.
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Key Technical Level: Will $178 Hold?. From a technical standpoint, Solana is now testing its 20-day exponential moving average (EMA) — a…
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Market Sentiment: Mixed Signals Ahead. The broader crypto market will also influence Solana’s path in August.
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Solana (SOL) was one of the best-performing large-cap cryptocurrencies in July, riding the wave of a broader crypto market rally.
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However, heading into August, the momentum appears to be fading. SOL has pulled back below $190, with early signs of declining demand, user activity, and weakening support across…
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Let’s explore what the data suggests and what to expect from Solana in the coming weeks.
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Between July 1 and 22, Solana rallied by over 40%, lifting investor sentiment and driving increased activity across its decentralized finance (DeFi) ecosystem.
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Total Value Locked (TVL): Solana’s TVL rose by 14% in July, reaching $9.85 billion according to DefiLlama.
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DEX Trading Volumes: DEX volumes jumped by 30%, hitting over $82 billion in trading activity.
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Revenue Growth: The Solana network generated $4.3 million in protocol revenue in July, up 13% from June’s $3.81 million, showing growing usage and demand.
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All of this pointed to a healthy and expanding Solana ecosystem — at least until late July.
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As August begins, key metrics indicate a slowdown across Solana’s on-chain environment. This pullback in usage may suggest a weakening in support for higher prices.
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Price Pullback: SOL is now trading around $180, after slipping from the July peak above $200.
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Daily Active Addresses: According to Artemis data, Solana’s daily active user count has dropped 16% in the past 7 days, signaling lower transaction volumes and dApp usage.
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