SOLANA COULD CROSS $200 IF THESE THREE CONDITIONS ARE MET
- Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama.
- Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday.
- Active addresses and new address count in the Solana network have increased throughout July.
Solana (SOL) corrects lower at around $180 and halts its rally towards the psychologically important $200 level early on Monday. The Ethereum competitor has noted a consistent increase in the number of active and new addresses in its network throughout July.
Solana’s Total Value of assets Locked (TVL) has climbed to $5.38 billion in July, per DeFiLlama data, as the chain continues to gain relevance and see demand among crypto traders. A higher TVL is positive for the token because it implies that a larger value of cryptocurrencies is locked in the chain, implying higher trust among traders.
US President Joe Biden bowed out of the Presidential race for the November election. This catalyzed a flurry of activity in Solana-based meme coins Jeo Boden (BODEN), Jill Boden (JILLBODEN), Hunter Boden (HUNTBODEN), and Kamala Horris (KAMA), among others.
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