Solana has recently shown signs of recovery, which could have a positive impact on SOL price trends. Despite a significant decline in network activity after July, recent data shows that Solana’s on-chain transaction volume and total value locked (TVL) are beginning to rebound. This indicates that market confidence is returning, which in theory will increase demand for SOL.
SOL’s price action shows an uptrend from the support line and has tested it multiple times this month, with the most recent test occurring in the past 24 hours. Although the bearish sentiment has eased, the balance of buying and selling volume leaves uncertainty in the direction of the market.
Overall, SOL may show a bullish trend, but we need to be wary of the risk of falling below the support line.
