Crypto news
Has Solanas price growth come to a halt?
There are concerns about the upward trajectory of Solanas price. Increasing selling pressure and falling prices of meme coins seem to be challenges to Solanas path.
Recently, Solana has seen a significant increase in network activity and trading volume. However, both fundamental issues and technical clues point to problems for its bullish trend.
Market data shows that Solana has fallen 10% to $156 after hitting resistance at $185 last week. Many are concerned that the cryptocurrency could fall further to $142.
While Solana remains in second place in terms of total value locked (TVL), competitors such as Ethereum continue to lead thanks to faster growth and a broader ecosystem.
Recent activity data from Anchain shows that Solana decentralized exchanges traded $94.8 billion last month, surpassing Ethereum by $64.8 billion. Its network fees reached $48.7 million.
But concerns about the imminent issuance of 3.55 million SOL, worth about $600 million between June and August, are weighing on its price.
Despite these issues, Solana’s high trading volume shows no signs of fundamental weakness. However, a resurgence above $200 would require overcoming supply pressures and structural hurdles.
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