{"id":1171,"date":"2021-08-10T13:51:46","date_gmt":"2021-08-10T17:51:46","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=1171"},"modified":"2021-08-23T20:25:57","modified_gmt":"2021-08-24T00:25:57","slug":"solana-price-prediction-for-august","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/solana-price-prediction-for-august","title":{"rendered":"Solana Price Prediction for August: SOL Price Could Break Above the Bull Flag to $58"},"content":{"rendered":"\n
\"Solana
Solana Price Prediction For August<\/figcaption><\/figure>\n\n\n\n

Solana prices<\/a> are encouragingly expanding with rising crypto tides.<\/p>\n\n\n\n

After deep losses suffered last month, SOL is now up double digits, adding 11 percent against the greenback with increasing trading volumes.<\/p>\n\n\n\n

As of writing, traders expect more if SOL\/USDT candlestick arrangement guides. But, if anything, buyers appear to be in the driving seat, bottoming up much to the delight of holders.<\/p>\n\n\n\n

Solana Market Overview<\/h2>\n\n\n\n

From the daily chart, there has been an apparent revival of SOL prices. However, this is not to say buyers are out of the woods\u2014yet. If anything, the uptick in trading volumes and price gains could be climactic, marking the end of gains of the last few trading days.<\/p>\n\n\n\n

Overly, SOL\/USDT prices are stuck inside a wedge with a marked-out support level at $23. Coincidentally, this flashes with May and June 2021 lows and is, therefore, a critical support level.<\/p>\n\n\n\n

How prices react at this level will define the short and medium-term trend in the days ahead, especially if the breakout is to the downside.<\/p>\n\n\n\n

As we advance, SOL bulls must edge past the resistance trend line and $40 for substantive gains as prices recover after deep drawdowns in the better half of Q2 2021.<\/p>\n\n\n\n

Solana Market Movers<\/h2>\n\n\n\n

In the age of DeFi<\/a>, participants desire fast settlement, scalability for the network to handle heavy-dApps, and negligibly low transaction fees.<\/p>\n\n\n\n

It is precisely what Solana brings on board. The creators of the platform say the network is built for global adoption.<\/p>\n\n\n\n

That is precisely the case because the primary drivers of SOL prices lie in the performance of DeFi. Therefore, there is a direct correlation between SOL prices and the TVL of DeFi.<\/p>\n\n\n\n

As of writing, DeFi commands a TVL of over $72 billion, a figure which is up 48 percent on the last day alone.<\/p>\n\n\n\n

During this period, SOL and most DeFi governance tokens prices rose in sync.<\/p>\n\n\n\n

Accordingly, as TVL picks up and confidence rises, the project’s fundamentals would be the backbone of the next leg up above critical resistance levels in a buy continuation pattern.<\/p>\n\n\n\n

Fundamentally, Solana Network’s strength is set to increase with the launch of audited staking pools.<\/p>\n\n\n\n

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Stake Pools are coming to Solana! A thread \ud83e\uddf5<\/p>— Solana (@solana) July 23, 2021<\/a><\/blockquote>