Ukrainian developer’s cryptocurrency manages to recover after falling by 40% in a month

Cryptocurrency analysts note that in June, the value of Solana (SOL) plummeted by 41%. The Securities and Exchange Commission (SEC) dealt a painful blow to the altcoin.

In a lawsuit against Coinbase and Binance, the Solana cryptocurrency was listed as an unregistered security. At that time, altcoin almost reached the price bottom of $ 15.

Some industry experts believed that the bears would be able to push SOL below $ 10, but in July, the altcoin began to regain ground. The first important stage was the breakout of resistance around $ 19.

on July 13, SOL hit its monthly high, with the cryptocurrency exceeding $ 29, but still unable to reach the important $ 30 level. A new phase of growth started this week, and in total, Solana’s rate increased by 52% in July.

As of the morning of July 28, Solana was trading at $ 24.7 with a market capitalization of $ 13.6 billion, down almost 2% from yesterday. Traders made daily trading deals worth $ 453.3 million.

In general, in July, there was an increase in investment in blockchain cryptocurrencies. Anatoliy Yakovenko. A recent analytical report from CCData notes that this month, crypto investors increased their investments in SOL funds by 55.7%. The volume of funds in transactions with the virtual coin increased to $ 87.8 million.

The DeFi market has also seen increased interest in the Solana blockchain. Projects have accumulated SOL totaling $ 316 million. However, this amount of funds is still significantly lower than the peak values of 2021, when the volume of transactions with SOL reached $ 9.66 billion.

Just two days ago, crypto analysts said that Solana was at risk of continuing to fall, dropping by 30%. «…Anatoliy Yakovenko’s token is likely to fall to $ 18, reaching the upward support line that has existed since December 2022,» Beincrypto analysts suggested. It should be noted that the long-term outlook for Solana’s price is bullish, while the short-term remains bearish as long as the asset trades below $ 27. A consolidation above that could lead to the asset’s growth to $ 35.