Solana pushed back above $73 after dipping near $70.60, yet the recovery feels fragile. Long positions on Bitfinex have sharply declined, signaling that some traders might be stepping away from bullish bets. At the same time, spot market demand remains muted, casting doubt on the sustainability of this bounce.
Data from Bitfinex shows a notable drop in leveraged longs on Solana. This decrease could mean traders are taking profits or managing risk rather than expecting an immediate price drop. However, without knowing the exact size or timing of these position cuts, it’s hard to draw firm conclusions. What’s clear is that the move adds a layer of caution to Solana’s recent price action.
Meanwhile, spot volume indicators tell a similar story. Despite the price rebound, cumulative spot volume delta remains negative and flat, hinting that genuine buying interest hasn’t picked up. Without stronger spot demand, the rally might be driven more by short covering or derivatives trading than by fresh capital flowing in.
If Solana loses the $73 support zone and breaks below its rising intraday trendline, the path toward $72 or even a retest of $70.60 opens up, especially if Bitfinex longs continue to fall. On the flip side, breaking above resistance near $73.50 with a surge in spot buying would signal a healthier rebound and could attract more buyers.
