- Solana price dropped below the key $70 support level.
- Over $88 million in SOL positions were liquidated in 24 hours.
- Analysts identify the $58-$67 zone as critical support.
Solana price is under pressure after a sharp decline pushed the token below the key $70 level. The asset fell 5.93% over the past 24 hours and traded near $68.87 at press time. Analysts are now watching whether Solana price can stabilize within a major support zone after a wave of liquidations and heavy selling activity.
Solana Price Reaches Weekly Support as Selling Intensifies
Analyst Cheds Trading noted that Solana price has reached the lower Bollinger Band near $67. This level often attracts attention because it can mark areas where selling becomes stretched.
At the same time, Solana price remains below several important moving averages. The 8-week, 34-week, and 50-week averages now act as resistance levels. The 200-week moving average sits near $100, highlighting how far the asset has fallen from recent highs.
Trading volume increased during the decline. Higher volume often reflects stronger market participation during periods of volatility. For now, the $67 area remains a critical reference point.
Market analyst Daan Crypto Trades also pointed out that several altcoins are showing chart structures similar to Solana. Many have broken below multi-month trading ranges and now sit near important support levels.
Solana Price Recovery Depends on Holding the $58-$67 Zone
Another analyst, Jack Adams, identified a broader support area between $58 and $67. According to his analysis, this zone aligns with previous monthly wick levels that triggered strong reactions.
If Solana price holds within this range, a recovery toward $120 to $175 later this year remains possible. However, a breakdown below $58 would weaken that outlook and signal continued downside risk.
Derivatives data adds another layer to the story. Around $88.45 million in Solana positions were liquidated during the past 24 hours. Long positions accounted for roughly 94% of those liquidations.
The forced selling created additional pressure on Solana price as liquidated positions accelerated the decline. Bitcoin’s next move may also play a major role, as broader crypto market sentiment continues to influence SOL and other large-cap digital assets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.