Will Solana Price Rise After Multicoin Capital Matches $1M in SOL Donations?
After falling 7.76% on July 4, Solana rose 5.72% to $142.18, in comparison. After falling below $139.50, it might fall further.
Solana has outperformed other top cryptocurrencies with a 595.28% yearly return despite a 15.77% fall this month.
The latest drop below $139.50 and increasing trade volume suggest sustained selling pressure. Solana's price may revisit $135.65 barrier, which might reverse and retake long-term support.
SOL prices fluctuated from $175 to $124 last month. Both industry dynamics and network concerns contributed to the fall.
SOL completed the month at $144 on confidence after VanEck and 21Shares filed the first Solana spot ETF filings.
This announcement caused a 10% price surge in one day, extending a favorable trend from late May. Analysts expected spot Solana ETFs would boost SOL's price like Bitcoin ETFs.
Solana's daily transaction volume increased by roughly 34% from 32.7 million on June 1 to 43.8 million by June 30.
TVL in Solana's ecosystem dropped 29% from $4.8 billion on May 1 to $3.4 billion on June 30.
Solana's TVL has risen significantly year-over-year, indicating more participation and trust in the platform.
$1 Million SOL Donation During Price Changes
Multicoin Capital, a renowned crypto investment business, will match up to $1 million in Solana (SOL) contributions to the conservative super PAC Sentinel Action Fund, which supports pro-crypto Republican Senate candidates.
As market recovers, can Solana reach $150 by weekend?
Solana's technical prognosis at $142.4 is cautious optimism. After falling over 1% in the preceding week, Solana fluctuated between $122 and $150, reaching a monthly low at $122 before a dramatic bounce on Friday.
Solana Market Overview and Trends
Bitcoin, Ethereum, and Dogecoin rose 4%, 3%, and 12% in the previous 24 hours. This comeback has also boosted Dogwifhat, a Solana-based meme currency, by nearly 23%. This signals market momentum as investors rally behind digital assets.
