Will Solana (SOL) Price Rebound to $30 in August?

Following its peak for the year at $32.13 on July 14, Solana (SOL) ‘s value has steadily decreased. This decrease has solidified the $27 horizontal range as the main resistance area.

Timeline of Solana

In an unexpected move that has sent ripples through the crypto industry, major exchange Bitstamp has unveiled a sweeping adjustment to its offerings, primarily affecting its U.S.-based customers.

In the crypto world, collaborations and partnerships are often the catalysts for innovation, so when we refer to FTX and Solana's opportunity to collaborate with Paypal's stablecoin, we are talking about a missed chance.

Cypher Protocol, a decentralized futures exchange operating on the Solana blockchain, disclosed on August 7th that a significant security breach occurred on their platform. The breach led to an estimated unauthorized transfer of assets valued at around $1 million.

The Solana price experienced notable gains in mid-June, but a recent correction phase has pulled it down to $22, which has found strong support. The technical outlook currently leans towards the bears, suggesting a potential slight dip before a possible turnaround.

Solana Price Analysis: The recent correction phase in Solana price found suitable support at $22.7. This horizontal level combined with the 50% Fibonacci replacement level, creates a strong demand zone for market participants.

Solana dropped for a third consecutive session on Tuesday, as the token started the month of August nearly 5% lower. Overall, the global market cap was mostly in the red, dropping by 1.44% as of writing. Stellar fell to a one-week low, following a four-day losing streak of its own.

Solana (SOL) has experienced a notable downturn recently, unable to sustain itself above the $32 mark. The altcoin remains below a strong resistance level, but a potential breakthrough could lead to a 20% price appreciation.

The crypto market witnessed heightened volatility last week, with most coins observing steep declines. However, today, June 27, the market has registered a slight recovery as most coins posted a few gains, but SOL's gain is the most notable among all.

The NFT narrative once centered on a small group of crypto-rich individuals flaunting their success with incomprehensibly expensive digital assets, exclusive to their wallet addresses.

Since June 10, the price of Solana (SOL) has experienced a strong upward surge, resulting in a new yearly high of $32.13. This also caused a breakout from a long-term descending resistance line.