Solana's SOL rebounds to $78, eyes $80 resistance

The price of Solana's SOL token has recovered to around $78, facing a key test of resistance at the $80 level amid a backdrop of record growth in tokenized assets on the network and mixed signals from broader market activity. The token's movement in late July follows a period of cautious sentiment influenced by a security incident earlier in the month and persistent macroeconomic pressures.

As of July 21, SOL was trading near $78, having defended a support level around $74 earlier in the week. Technical analysts indicate that a daily close above $80 is needed to confirm a bullish breakout, with the next significant resistance seen between $82.50 and $84. Failure to hold support near $75.55, however, could expose the token to a retest of lower levels around $72.50. The recovery comes after a governance attack on the BonkDAO project in early July, where an attacker drained nearly $20 million from its treasury. While the Solana base layer was not compromised, the incident highlighted vulnerabilities in a major ecosystem project.

Offsetting some of that caution is substantial growth in tokenized real-world assets on the Solana blockchain. Data shows tokenized asset trading volume...