Solana Price Eyes Breakthrough Past $80 Amid Governance Attack Concerns

Solana's price has reached $78 after buyers defended support near $74, but the cryptocurrency remains cautious due to lingering concerns over a recent governance attack.

The attacker drained nearly $20 million from the BonkDAO treasury by acquiring enough BONK tokens to meet the governance threshold and passing a proposal with 99.9% approval.

Despite this incident, demand through regulated investment products has provided some support, with U.S. spot Solana exchange-traded funds recording $8.36 million in net inflows on July 6.

The daily chart shows that a close above $80 is required to unlock the next range, while the Aroon Up reading stands at 71.43%, showing recent highs carry more weight than recent lows.