Solana Investors Stake 4.1 Million SOL as Price Holds Around $180
Solana price was around $180 on July 30, down from last week's high of $200. Market caution ahead of the US Federal Reserve's interest rate guidance contributed to this decline. Despite this, Solana demonstrated resilience due to positive institutional flows and regulatory optimism.
Key developments include:
- The US SEC approved “in-kind” redemptions for crypto ETFs, allowing fund managers to swap crypto for ETF shares directly.
- This decision alleviates liquidity concerns and reduces capital gains tax friction, potentially increasing demand for crypto-based ETFs.
- On July 29, investors staked 4.1 million SOL in one day, raising total staked SOL from 397.8 million to 401.9 million, a 1% increase.
- Increased staking can reduce short-term sell pressure and may indicate potential price rebounds.
Technically, Solana is consolidating near the 20-day Bollinger average of $178.71. If support holds, there is potential for a rally towards $202.37. However, the MACD indicator shows bearish signs; a close below $175 could lead to further declines toward $160.
As Solana's circulating supply tightens, Solaxy is offering daily yield bonuses for staking or trading, with potential rewards up to 67%.