SOL, Solana's token, has not been able to close above $145 since July 3. However, SOL's on-chain indicators and derivatives suggest a reversal is likely, paving the way for a bull run above $160. 🚀

Solana's SPL tokens plummeted, reducing demand for SOL. However, SOL is still the fourth largest cryptocurrency, with a market capitalization of $65 billion.

Total value locked (TVL) in Solana reached BNB Chain levels for the first time on July 5, and the gap has been very small since then.

Solana network activity increased in number of users and volume.

Finally, the 8-hour funding rate for SOL turned negative between July 5 and July 6, but now the index is almost zero, indicating balanced demand between buyers and sellers.

What do you think about SOL's prospects? Please leave your opinion below in the comments section!#cryptocurrency#Solana #SOL