Based

Solana

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Million

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<a href="https://www.thecoinrepublic.com/price-prediction/solana/">SOL Price</a> has repeatedly encountered resistance at the $190-$200 supply level. Despite several attempts in 2024, the SOL price got pushed back each time it neared the $190-$200 price level. This week also it plunged nearly 18% from the supply reign.&nbsp; 
The Bears have actively maintained dominance at supply and pushed the SOL price backward each time it approached there. This resistance zone has been considered one of the most crucial zones from a psychological and technical standpoint. Thus, it highlighted solid opposition in the market, and the supply proved to be a major obstacle. 
When writing, the SOL price has been at deciding support, with bears active from supply and bulls trying to hold the gains. It depicted future uncertainty in the SOL price. 
<h2 class="wp-block-heading" id="h-fundamentals-check-on-solana-sol">Fundamentals Check On Solana (SOL)</h2> 
SOL, The 5th largest crypto in terms of market cap, has given birth to many top trending memecoins and has a market cap of $74.82 Billion. The market dominance in the global market was 3.35% at the time of writing. <iframe loading="lazy" width="100%" height="425px" src="https://defillama.com/chart/chain/Solana?addresses=false&amp;txs=true&amp;developers=false&amp;devsCommits=false&amp;derivatives=false&amp;include_staking_in_tvl=true&amp;theme=dark" title="DefiLlama" frameborder="0"></iframe> 
Based on DefiLlama, the TVL has recovered a lot from a low of $650 Million in August 2023 to $6.22 Billion at press time. Transactions have increased with a steady number of around 37.04 Million TXs, where 24-hour fees were $1.46 Million, and 24-hour revenue was $7.3 Million. 
SOL’s total holders were $9.15 Million, where the top 10 holders’ addresses held 6.58% of floating supply, and the top 100 held 22.76%, per the rich list from CoinCarp. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="412" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-1024x412.png" alt="Fundamental Data | Source: Chainbroker, Certik Skynet, Messari, &amp; Coincarp" class="wp-image-642320" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-1024x412.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-300x121.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-768x309.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-1536x618.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-150x60.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-696x280.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30-1068x430.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-30.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Fundamental Data | Source: Chainbroker, Certik Skynet, Messari, &amp; Coincarp
 </figcaption>
</figure> 
According to Chain Broker, the SOL coin has major backers that have given the project a lot of investments. Those backers include a16z, multicoin Capital, and a few more.&nbsp; 
The SOL crypto has a good charm in its community, with top followers like @Sam Bankman and many renowned crypto personalities. Its Twitter score highlighted a good ratio of 730 by 1000. 
According to the Messari website, Solana’s social monitoring showed that its Twitter account had over 2.68 million followers. It had 65.33K Telegram users at press time. 
Overall, the fundamentals of Solana (SOL) were good, where the security was the ‘AA’ tier with an incredible 91.63 excellent score, per CertiK Skynet. 
<h2 class="wp-block-heading" id="h-decoding-the-next-possible-outcome-for-the-solana-price">Decoding The Next Possible Outcome for the Solana Price</h2> 
Solana indeed had a robust fundamental, with strong community interest, but the price has struggled at a specific supply. 
It experienced a surge of over 1000% from $18 on September 2023 to $209 by March 2024. Despite the various attempts of bears, the SOL price had a robust demand area of $120. It showed its robustness and remained intact at that support level. 
Over the larger frame, the price structure had earlier displayed a descending triangle breakout with a breach of the dynamic falling trendline from July 13th, 2024. However, this pattern was on the brink of getting nullified as the price showed uncertainty by declining up to critical support at the $160 mark and coinciding with the 50-day EMA band. 
The level has become a deciding factor for the pattern’s usefulness. Once it rebounds successfully, targeted highs could be attained. Conversely, if $160 happens to be breached below with increased bear dominance, the price could hit lows. 
The indicators showcased that the price was above 50-day and 20-day EMA bands. The fall has built a bearish cross above the zero line, where the histogram was at negative 1.99.&nbsp;  
<a href="https://in.tradingview.com/chart/SOLUSD/v3wjUf6o-Decoding-The-Next-Possible-Outcome-In-Solana-Price/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
Meanwhile, the RSI has breached the median line, which flashed at 48.35. The overall indicators depicted the increase in bearish dominance, where bulls were mildly conscious, supporting the price to be sustained. Thus, it brought uncertainty in SOL prices. Investors and traders should stay cautious (DYOR). 
If bearishness exceeds, the bears could eye support at $145 and $135. However, the resistance levels are at $175 and $190. 
The post <a href="https://www.thecoinrepublic.com/2024/08/02/despite-strong-fundamentals-sol-price-stumbles-at-190-wall/">Despite Strong Fundamentals, SOL Price Stumbles At $190 Wall</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Despite Strong Fundamentals, SOL Price Stumbles At $190 Wall

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