Solana Price Falls Below $75 as Traders Favor Ethereum
Solana's price has fallen below $75 as traders shift their focus to Ethereum.
The Solana price dropped about 5% from its July 27 high near $77 to $73 on July 28, triggered by a break below short-term support that led to long liquidations. According to data from crypto.news, the token's price traded near $73.20 at the time of writing.
The pullback followed Solana's latest rejection from the upper half of a descending channel visible on the 4-hour chart. Buyers pushed the token toward $77 but failed to challenge the channel's upper boundary or the wider $78 resistance area.
Crypto trader Daan Crypto Trades noted that the pair was beginning to lose its horizontal support area, stating that Solana 'needs to break this local consolidation before we can start looking at the range high again.'