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Title: Solana (SOL) Tests Key Support at $162 as July Rally Fades
The Solana cryptocurrency market is currently undergoing a critical juncture as it tests key support levels near the $162 mark, following an impressive 40% rally in July. The recent decline in daily active addresses and DeFi TVL suggests that the initial momentum from the surge may have begun to wane.
Despite this technical pullback, Solana’s ecosystem continues to demonstrate robust growth, with over 10,000 participants joining the recent Breakout Hackathon, showcasing strong developer interest. Furthermore, the announced partnerships with Visa and Shopify for Solana Pay integration represent significant steps toward mainstream adoption that could potentially provide longer-term price support.
As Solana’s technical analysis reveals mixed signals with a neutral RSI reading of 42.43 and bearish MACD momentum, the proximity to these critical support levels and positive ecosystem developments creates an intriguing setup for the next 24-48 hours.
Source: Blockchain.News
