Solana Price at Decision Point Amid Distribution Fears

Solana's price is hovering near $73.89 after a slight dip of 0.11% in the past 24 hours.

The token's market capitalization stands at $42.90 billion, with a circulating supply of 581.30 million SOL out of a total supply of 631.62 million.

Crypto analyst Ted Pillows pointed out that Solana is going sideways, but spot markets are selling, which could be a sign of distribution, where bigger holders slowly sell their coins into a sideways market before a bigger move down.

The daily chart shows SOL trading inside a falling channel within a larger ascending channel that dates back to March. The 20-day EMA is at $74.52, and most short-term averages sit above the current price, indicating ongoing weakness.