Solana Price Falls Below $75 Amid Weakening Momentum and Liquidation

Solana's price plummeted by nearly 5% on July 28, dropping from $77 to $73 as it failed to sustain its latest recovery. The token's price has fallen below the major pivot of $75 and remains within a descending channel.

The 4-hour RSI (Relative Strength Index) reading shows weakening momentum without reaching oversold territory at 35.57, indicating that sellers control short-term momentum.

Long liquidations accelerated the sell-off as traders were forced to close their positions, adding market sell orders to an already weak spot market. The largest nearby concentrations of liquidity now sit on both sides of the current price, creating unstable short-term price action.