Solana Price Drops 10%, Technicals Suggest Further Downside

Solana's price has taken a hit, dropping 10% over the past month. This decline comes as the cryptocurrency breaks key trend line support and trades below its 100-day and 200-day moving averages.

Despite this weakness, Solana's blockchain fundamentals remain strong. In July, the network saw record application revenue of $82.9 million, while stablecoin supply hit an all-time high of $15.7 billion. However, ETF inflows are modest, indicating limited institutional interest.

Technical indicators suggest potential further downside for Solana's price. Support levels at $72, $70, and $66-$67 may be tested as investors watch the situation unfold amid mixed network activity and subdued market sentiment.