Solana shot up to around $206 in July, but over the past month, it slid back to the $160–$180 range. Why? First, fewer people are using the network—there’s been a clear dip in daily activity, which hints that the buzz and engagement have cooled off. Then, there was a wave of profit-taking: lots of traders who bought in earlier decided to lock in their gains, cashing out after that big run-up. On top of that, the wider cryptocurrency market hasn’t been doing well—worries about the economy and less excitement from everyday investors have triggered a broader slump.
SOL has bounced off this support multiple times in the past several months, so if it regains and holds above its EMA (especially the 20-day and 50-day EMAs), momentum could shift back to bullish, targeting $185–$200 as the next resistance levels
