Solana (SOL) traded near $74.17 after falling over 3% in the past 24 hours, with short-term momentum weak and the price showing lower highs and lows from about $76.70. The cryptocurrency briefly dropped to $73.40 before recovering, supported by a $1.65 billion trading volume and a market cap close to $43.2 billion.
Technical Indicators Show Mixed Signals
On the monthly chart, a TD Sequential indicator has flashed a "9" buy signal for SOL, marking a possible end to the extended bearish trend since its high above $245 late last year. This monthly signal is considered more significant than intraday readings, suggesting easing downward momentum. However, confirmation is necessary with SOL needing to reclaim the $80-$85 range and ideally achieve a sustained monthly close above $100 to confirm a macro trend shift. If prices fall below the $70-$75 support zone, the bullish setup could weaken and bring the price down closer to $60.
Earlier in July, Solana triggered a SuperTrend buy signal on the three-day chart, the first since October 10, following a 74% price correction. This shift coincided with reduced exchange supply, as 100 million SOL were withdrawn from reserves between July 3 and July 11. also the network saw 1.4 million new addresses in three weeks, indicating growing adoption as the price approached a key historical volume area.
During the recent price decline, CoinGlass data indicated that long traders suffered the majority of liquidations, losing approximately $13.06 million, which accounts for 91% of total SOL liquidations of $14.37 million over 24 hours.
This article is for informational purposes only and does not constitute financial advice.
