On July 30, Solana 
$89 stabilized at $180, reflecting sustained investor confidence even after retracting from last week’s peak of $200. Market participants meticulously monitored the Federal Reserve’s pending interest rate decision. Meanwhile, a significant development occurred as the SEC approved the “direct swap” model for cryptocurrency ETFs, sparking a robust reaction in the Solana market. In response, investors staked 4.1 million SOL in a single day, effectively reducing supply from exchanges and mitigating short-term selling pressure.
Total of 4.1 Million SOL Coins Staked
According to Staking Rewards, the total number of locked SOL coins increased from 397.8 million to 401.9 million on July 29. This represents a 1% increase in the amount of SOL coins staked within just 24 hours. The resulting tax advantages and liquidity security offered by the SEC’s decision underscore the strengthening of long-term investor positions. A temporary supply crunch could potentially trigger a new increase in prices, echoing past macroeconomic improvements.
As the trend of staking highlights demand, reduced circulation on exchanges allows price achievements with fewer coins. If the staking trend persists and outpaces withdrawal transactions, Solana could experience a positive shift in its demand-supply balance. Institutional fund flows reinforce this scenario, as direct swap methods offered by ETF providers lower transaction costs and attract new capital.
Critical Technical Indicators for Solana
On the technical front, Solana experienced lateral movement within a contracted Bollinger Band range following the early July $210 peak. The current key level being defended is the 20-day middle line, at $178.71. If bulls maintain this level, the upper band resistance at $202.37 could be tested, potentially paving the way for stable closures above $200 in August, possibly reaching $220. Breaking this resistance would accelerate upward momentum.
However, the MACD indicator dropped below its signal line from 7.00 to 8.29, favoring sellers and turning the histogram red. A daily closing below $175 could disrupt Solana’s bullish structure, pulling the price down to the 155-160 range, corresponding with the lower Bollinger band support zone. If momentum remains weak, the $160 level will serve as the second line of defense for investors.
