Solana’s token (SOL) rose by 16% from July 25 to 29, reaching a four-month high of $193.92. However, it encountered resistance at the $190 level, resulting in an 8% correction down to $179. Despite this pullback, SOL posted a 23.5% gain for July.

Expectations for the approval of a Solana ETF, following the recent approval of an ETF for Ether (ETH), have contributed to the price increase. The final decision from the SEC on this matter is expected by March 2025.

Activity on the platform Pump.fun, which specializes in memecoins, also supported the network’s growth, generating significant volumes and revenue. However, investors are concerned about the network’s heavy reliance on memecoins.

Issues with maximal extractable value (MEV) and stagnation in the total value locked (TVL) on the Solana network also raise concerns, with TVL remaining at 30.5 million SOL.