Token

bullish

Solana

Marinade

Jito

The price of Solana’s SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) coin is primed to end July with a 30% monthly return and looks poised to challenge its yearly high of around $210 over the next few weeks.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/4175262a-afaf-4872-9960-2e8d384002f9.png" alt="Solana near yearly high after 27% July gain and SOL price ‘double bottom’" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source: Trading View
 </figcaption>
</figure>
While most of the community attributes SOL’s success to Solana’s memecoin euphoria, the network’s robust liquid staking ecosystem is emerging as a strong onchain narrative.&nbsp;Let’s look at how this current trend is developing on the Solana network.
<h2 id="liquid-staking-tokens-are-leading-solana-defi">Liquid staking tokens are leading Solana DeFi</h2>
Cointelegraph recently highlighted how Solana’s total value locked (TVL) jumped 10%, reaching $5.42 billion. Consequently, transaction volume increased, and onchain activity rose. 
Liquid staking projects Jito and Marinade were the leading protocols on Solana, registering a TVL rise of 40% and 30%, respectively, over the past month.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0e587bf2-9f96-4665-b0a1-9a416d897d25.png" alt="Solana near yearly high after 27% July gain and SOL price ‘double bottom’" title="">
 <figcaption style="text-align: center;">
 Solana protocol rankings. Source: DefiLlama
 </figcaption>
</figure>
Liquid staking is a process that combines the positives of staking and liquidity. Holders can stake their tokens in a smart contract or staking pool and receive a token representing their staked SOL. 
This token is referred to as a liquid staking token (LST) and can be used to derive yields on other protocols or utilized in decentralized finance applications. For Jito and Marinade, these tokens are JitoSOL and mSOL, respectively.
Data from Dune Analytics <a href="https://dune.com/hashed_official/solana-restaking" target="_blank" rel="noopener nofollow">highlights</a> that the total amount of SOL deposited in liquid staking derivatives more than doubled in 2024. Staked LSTs rose from 163,827 to 807,712, a 393% uptick between June 1 and July 26. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/e5762712-3bf0-4d99-bc8e-169cafee963f.png" alt="Solana near yearly high after 27% July gain and SOL price ‘double bottom’" title="">
 <figcaption style="text-align: center;">
 Total staked LST chart. Source: Dune Analytics
 </figcaption>
</figure>
Data analytics platform&nbsp;Token Terminal also <a href="https://tokenterminal.com/terminal/projects/solana?v=YzFlNjNl" target="_blank" rel="noopener nofollow">suggests</a> that Solana’s daily and weekly active users are up 21% and 59%, respectively. The rise in active users is simultaneous with the rise in TVL for Jito and Marinade, as highlighted above. Hence, it can be inferred that memecoins are not the only sector currently bringing users to the Solana network.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/74fa7cc4-c6fb-4c44-8d3f-d12ca2b704dd.png" alt="Solana near yearly high after 27% July gain and SOL price ‘double bottom’" title="">
 <figcaption style="text-align: center;">
 Solana daily active users (weekly). Source: Token Terminal
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="will-sol-reach-a-new-yearly-high-this-week">Will SOL reach a new yearly high this week?</h2>
SOL’s price action shows bullish momentum, and the community expects the price to retest its yearly high at $210. At the time of publication, SOL had breached a bullish double-bottom pattern, with current overhead resistance at $202. 
The overhead resistance is fairly weak, and there is a high probability of a yearly high retest. However, Solana is currently witnessing a correction, falling below the $190 mark. 
If Solana continues to follow a bullish trend, its immediate retest target remains in the $200–$210 range. Conversely, if it loses its immediate support zone at $180, the altcoin may retest its previous swing low price at $165.&nbsp;
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/bfad5b17-0449-4e61-bf81-7f271938620b.png" alt="Solana near yearly high after 27% July gain and SOL price ‘double bottom’" title="">
 <figcaption style="text-align: center;">
 SOL/USD daily chart. Source TradingView
 </figcaption>
</figure>
Meanwhile, options trader&nbsp;Trader Wick, is leaning bullish, <a href="https://x.com/ZeroHedge_/status/1817197227569205545" target="_blank" rel="noopener nofollow">saying</a>&nbsp;that SOL/USD is once again leading the crypto market rally.&nbsp;
“Solana outperforming on the bounce as usual,” he noted. 
<blockquote data-ct-non-breakable="true">
 “Now breaking out of resistance on a breakout arrow setup that usually starts brand new trends.”
</blockquote>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Solana near yearly high after 27% July gain and SOL price ‘double bottom’

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Cointelegraph

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