Solana Price Struggles to Break Past $80 Resistance

Solana's price has recovered about 5% from its July 18 low, reaching $78 at press time. However, the token remains below the $82-$84 zone reached earlier this month and faces a hurdle in breaking past the $80 resistance level.

The recent recovery is attributed to demand through regulated investment products, with U.S. spot Solana exchange-traded funds recording $8.36 million in net inflows on July 6. Despite this support, geopolitical pressure remains a concern for high-beta cryptocurrencies, with Brent crude settling at $91.01 and the dollar index advancing to 101.16.

A stronger dollar and renewed rate-hike expectations typically reduce demand for speculative assets, making it challenging for Solana to sustain a move beyond nearby resistance. To unlock the next range, Solana needs to close above $80, which would clear the first barrier and confirm a breakout.