Solana price falls below $75 as traders favor ETH

Solana price fell about 5% from its July 27 high near $77 to $73 on July 28 as a break below short-term support triggered long liquidations.

Solana price drops back toward $73

According to data from crypto.news, Solana (SOL) price traded near $73.20 at the time of writing after falling from an intraday high around $77 during the previous session. The move represented a decline of about 5% from peak to trough.

The pullback followed SOL’s latest rejection from the upper half of a descending channel visible on the 4-hour chart. Buyers pushed the token toward $77 on July 27 but failed to challenge the channel’s upper boundary or the wider $78 resistance area.

Selling accelerated after SOL lost the $75 level, which had supported several earlier intraday rebounds. The token subsequently fell toward $73 before entering a narrow consolidation range.

The daily chart showed SOL trading below the Murrey Math major support-and-resistance pivot at $75. Its July 28 candle recorded a low of $72.86, although buyers prevented a sustained fall below $73.

SOL’s decline also came as capital showed a preference for Ethereum. ETH recently reclaimed $1,900, while SOL remained trapped below its July resistance range.

Crypto trader Daan Crypto Trades noted that the pair was beginning to lose its horizontal support area.

“[Solana] needs to break this local consolidation before we can start looking at the range high again.”

Daan added that Ethereum’s recent strength against Bitcoin had left Solana behind, making the ETH ecosystem more attractive while SOL remained weak.

Long liquidations accelerated the sell-off

The three-day CoinGlass liquidation heatmap shows that Solana’s slide cut through several leveraged trading zones between $75 and $73.

SOL first dropped sharply below $75 before falling through another band of liquidity around $73. The move likely forced leveraged long traders to close their positions, adding market sell orders to an already weak spot market.

The heatmap shows that the largest nearby concentrations now sit on both sides of the current price. A bright liquidity band has formed around $72.40–$72.70, while additional clusters are visible near $73.80–$74.20.

This positioning could keep short-term price action unstable. A move below $73 may attract SOL toward the lower liquidity pool, while an initial rebound could target the accumulated positions around $74.

Further liquidation interest is visible near $75 and $76.50. Those levels could act as upside targets if buyers regain control, but they may also become resistance because traders caught in the decline could use a recovery to exit positions.

The liquidation data support the view that derivatives positioning magnified the decline. However, the charts alone do not establish that institutional sell blocks caused the move.

SOL indicators point to weak momentum

Solana remains inside a descending parallel channel that has guided its 4-hour price action since the early-July peak above $83. The channel has produced a sequence of lower highs, including rejections near $79 and $77.

SOL is now approaching the channel’s lower half. The lower boundary sits close to $70, making that level the next broader technical support if $73 fails.

The 4-hour relative strength index has fallen to 35.57, below its signal average of 47.33. The reading shows that sellers control short-term momentum, although SOL has not yet entered the conventional oversold zone below 30.

Aroon readings also favor the downside, with the stronger line at 78.57% compared with 57.14% for the opposing measure. The indicator reflects the recency of price highs and lows rather than the size of a move, but its current configuration is consistent with SOL’s recent lower low.

On the daily chart, the average directional index stands at only 11.54. An ADX reading below 20 normally indicates a weak trend, suggesting SOL is still consolidating rather than entering a confirmed directional breakdown.

That weak reading leaves room for false moves around support. SOL could briefly sweep liquidity below $73 before recovering, particularly if selling pressure in the derivatives market eases.

Solana price levels to watch next

The first level buyers need to recover is $74. A move above that area would allow SOL to challenge the $75 pivot, which has changed from support into near-term resistance.

A daily close above $75 would weaken the immediate bearish case. Bulls would then need to clear $77–$78 and break above the descending channel to reopen a path toward the July high around $83.

Failure to reclaim $75 would leave SOL exposed to another test of the $72.50 liquidation cluster. Below that area, the channel boundary near $70 becomes the next likely target.

The daily Murrey Math chart places the bottom of the broader trading range at $68.75. That level may provide stronger support if a breakdown below $70 develops. A deeper correction could then extend toward the $62.50 pivot, although the current low ADX reading does not yet confirm such a move.

Fed decision adds risk for US traders

US investors are also awaiting the Federal Reserve’s next policy decision. Interest-rate expectations, movements in the dollar and Treasury yields can affect demand for high-risk assets such as SOL.

Treasury yields eased on July 28, while oil prices also fell as markets responded to renewed hopes for diplomacy in the Middle East. Brent traded below $87 and US crude near $81, reversing part of the inflation-driven pressure seen earlier in the week. The pullback reportedly followed a pause in attacks and renewed hopes for a US-Iran agreement.

That means SOL’s latest decline appears more closely linked to its technical breakdown and leveraged positioning than to a fresh rise in oil or Treasury yields. The Fed decision could still determine whether US liquidity conditions help SOL recover $75 or push it toward lower support.