Solana (SOL) price has experienced heightened bearish pressure during the second quarter and has approached a crucial crossroads. The cryptocurrency's market cap stands at approximately $92.3 billion.
Current Solana Price Trends
As of July 3rd, SOL is trading at around $152.83, down 3.2% compared to the previous month. The price has consistently remained below the 50-week moving average since March, reflecting bearish market sentiment. Technical analysis suggests that SOL is forming a potential head and shoulders pattern and bearish divergence in the Relative Strength Index (RSI).
Support for Solana Network in DeFi Development
The Solana network has seen considerable growth in the number of institutional investors adopting its services. Increased interaction between the U.S. SEC and fund managers aiming to offer spot SOL ETFs indicates a rising demand from institutional investors. DeFi Development Corp. announced the acquisition of 17,760 SOL coins for approximately $2.72 million, boosting their portfolio to 640,585 SOL coins valued at about $98 million.
Future Prospects and Potential Changes
The situation may change if the SOL price consistently closes above the resistance level around $189. In that case, the price could aim for a new all-time high.
Thus, the current bearish sentiment regarding Solana requires careful monitoring of key resistance levels and the periodic activity of institutional investors, which may influence future growth and development of the network.
