Solana Price Dives 10% as Technical Momentum Remains Bearish

Solana's price has declined 10% over the last month following a breakdown from critical trend line support, establishing a descending channel formation on daily timeframes.

The current price action remains beneath both major moving averages, the 100-day SMA at $78.06 and the 200-day SMA at $84.71, maintaining bearish technical momentum in the near term.

Selling pressure has dominated market dynamics over recent weeks, with SOL establishing lower highs after unsuccessful attempts to breach the July high around $82.

Crypto analyst Nebraskangooner highlighted Solana's underlying fundamentals demonstrate resilience, citing exceptional performance in July with applications generating $82.9 million in revenue, the highest figure since February, and surpassing Ethereum during that window.