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TLDR
- Solana price traded near $72.91, down 1.47% over the past 24 hours.
- SOL faces immediate resistance near $73.35, while $76 remains the key breakout level watched by analysts.
- Solana’s SGP-0002 and SGP-0003 supply reform proposals entered a final discussion period ending August 22.
- Pump.fun sold another 84,789 SOL worth about $6.25 million, according to Lookonchain.
- Analyst Michaël van de Poppe sees a confirmed break above $76 as a possible path toward a longer-term $120 target.
Solana (SOL) price traded near $72.91 on Friday as selling pressure remained visible across the market. According to CoinMarketCap, SOL price fell 1.47% over the past 24 hours, with trading volume at about $1.41 billion.
Solana Price Faces Resistance Near $73 to $76
SOL price traded below the 20-hour moving average at $73 and the 50-hour moving average at $73.61. The token also remained below the daily 200-day moving average at $84.38, showing that the broader trend still faces resistance.
The Ichimoku Kijun level at $73.35 forms immediate resistance, while support sits near $70.65. RSI stood at 36.15, while MACD gave a sell signal. ADX stayed neutral, and Bull/Bear Power favored sellers. Stoch RSI, however, showed a strong buy signal.
Solana’s SGP-0002 and SGP-0003 proposals passed their first governance stage and entered a final discussion period ending August 22. The plans could increase the network’s annual disinflation rate and raise daily SOL burns if validators approve them.
The proposals aim to slow future token supply growth through faster disinflation and higher burn activity. Traders have shown limited reaction so far, with attention focused on the final vote and whether the changes receive enough support.
Pump.fun Continues Large SOL Sales
Blockchain tracker Lookonchain reported that Pump.fun sold another 84,789 SOL worth about $6.25 million. The platform has now sold 4.82 million SOL for roughly $807 million at an average price of $167.40.
The latest sale adds fresh supply to the market while Solana price remains close to short-term support. Large token transfers can affect market liquidity, although the current price action has stayed within its recent range.
Analyst Watches $76 Breakout Level
Crypto analyst Michaël van de Poppe identified $76 as the key level Solana needs to reclaim. His August 5 chart marked that area as the most important resistance within the current trading range.
He said a confirmed move above $76 could support a broader recovery and cited $120 as a longer-term target. Until then, SOL remains below major resistance while traders watch support near $70.65 and the upcoming governance decision.
The post Solana (SOL) Price Eyes $76 Breakout Before Governance Decision appeared first on Blockonomi.
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