Key Takeaways
- SOL currently hovers between $74 and $76, experiencing a 3%+ decline over the past day with trading volume reaching $1.65B
- Technical analyst Ali Martinez identifies a monthly TD Sequential “9” buy indication forming on Solana’s price chart
- Leveraged long positions suffered heavily ā $13.06M out of a total $14.37M in liquidations across 24 hours
- Market analyst Crypto Patel maintains SOL’s $500 projection stays intact while price remains above the 0.5 Fibonacci retracement
- Critical price thresholds: $77.35 breakout needed for bullish confirmation, $70ā$75 range represents crucial support territory
Solana (SOL) currently changes hands around $75.97, registering a 1.49% increase over the last day. The token shows $1.88 billion in daily volume alongside a $44.26 billion market capitalization.
While recent price action shows modest gains, SOL remains down 5.9% across the weekly period and 8.9% over two weeks. The asset maintains a positive 2.6% gain on the monthly chart.
Technical analyst Ali Martinez highlighted the emergence of a monthly TD Sequential “9” buy indication on Solana’s chart. This signal developed following SOL’s descent from over $245 in late 2024 down to approximately $76.62.
This TD Sequential indicator emerges after a prolonged bearish phase and suggests diminishing selling pressure. Monthly timeframe signals typically hold greater significance compared to those appearing on lower timeframes.
To validate this bullish setup, SOL must recapture the $80ā$85 territory. A confirmed monthly candle close beyond $100 would strengthen the case for a macro trend reversal. Conversely, a breakdown beneath $70ā$75 could invalidate this formation and potentially test the $60 zone.
Critical Fibonacci Support Underpins Long-Range Price Projection
Market analyst Crypto Patel maintains that Solana’s ambitious $500 price objective remains viable ā provided the asset maintains position above the 0.5 Fibonacci retracement threshold. This level represents a crucial component in the broader technical structure.
Maintaining support above the 0.5 Fibonacci retracement typically indicates the underlying uptrend remains intact, despite pullbacks and consolidation phases.
Examining the near-term hourly chart reveals a bearish formation currently developing. The entry range spans $76.45 to $76.70, with bearish targets established at $75.70, $74.30, and $73.60.
This short-term bearish configuration remains active while SOL trades beneath $77.30. A confirmed close above $77.35 would nullify this bearish scenario.
Leveraged Long Positions Face Substantial Liquidations
According to CoinGlass tracking data, bullish traders bore the brunt of recent market volatility. Aggregate SOL liquidations across 24 hours totaled $14.37 million. Leveraged long positions comprised $13.06 million ā representing approximately 91% of all liquidations.
Within a 12-hour window, long position liquidations reached $7.66 million compared to just $1.07 million for short positions.
In related developments, Solana’s three-day SuperTrend indicator flipped bullish on July 12 ā marking its first buy signal since October 10.
Data from Token Terminal reveals that 100 million SOL tokens exited exchange reserves between July 3 and July 11. During this identical timeframe, the Solana network welcomed 1.4 million new wallet addresses.
Solana’s price action continues unfolding near a significant historical volume cluster positioned between current levels and a wider macro expansion region.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
