Solana closed July down 1.1%, printing its 10th consecutive monthly red candle since October’s breakdown, leaving HODLers who bought near the $250 cycle top deep underwater. The $60 region is becoming an increasingly critical long-term support level. On-chain, Solana activated SIMD-0286 on July 29, raising the compute limit from 60 to 100 million, which reduced the 90th percentile transaction fee by 30%, from 29,800 to 20,800 lamports, while processing 8.7 billion transactions in July, the highest monthly count in four months. The SOL/BTC pair continues to consolidate below 0.002, but technical analysis suggests a breakout-and-retest structure historically followed by strong rallies is forming, pointing to potential capital rotation into altcoins this summer.
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