Overview

• Solana’s price has fallen into the $162–$169 range after breaching its key $178 support level, with technical indicators signaling both potential breakdown toward $154 and swift rebound scenarios.
• Major whales deposited over 108,000 SOL (about $17.7 million) onto OKX and Binance, suggesting large-scale sell-off pressure rather than fresh accumulation.
• Retail traders have maintained buying momentum, producing negative spot netflows for seven straight days and highlighting a split between small-scale and institutional sentiment.
• Solana generated $87 million in network revenue in July to lead all Layer 1 and Layer 2 chains for the tenth month in a row, and VanEck filed an S-1 amendment for a proposed SOL ETF.
• Recent U.S. jobs data underperformance and warnings of Ethereum-based scams exploiting Solana’s infrastructure have added fresh downside risks.