$SOL Price Surges as Technical Turnaround Takes Hold

Solana's price action in June has caught attention from the crypto community. Despite bearish pressure on the broader market, $SOL gained around 25% since June 6 and continued its upward trend into July. The altcoin's recent surge is a sign of an ongoing technical turnaround.

Data from CoinMarketCap shows Solana remains in the top-7 global crypto assets with a market capitalization of $47.5 billion. Its 24-hour trading volume has spiked by 22% to $3.6 billion, supporting its bullish momentum.

The surge in on-chain metrics suggests a return of users to the network, driven primarily by decentralized exchanges (DEXs) and prediction applications. The Solana blockchain averages over 100 million daily transactions across 4.3 million unique users.

A key catalyst for $SOL is Circle's minting of $1 billion in USDC natively on Solana, which has boosted liquidity within the ecosystem. Additionally, cumulative spot $SOL ETF net inflows have stabilized near $1.1 billion to $1.45 billion, providing a strong demand floor.