Solana Price Falls Below $75 as Traders Favor Ethereum

Solana's price has fallen below $75 after a decline of about 5% from its July 27 high near $77 to $73 on July 28. This drop was triggered by a break below short-term support, which led to long liquidations.

The Solana price is currently trading within a descending parallel channel visible on the 4-hour chart. The token has lost the $75 level, which had previously supported several intraday rebounds.

Capital has shown a preference for Ethereum, with ETH recently reclaiming $1,900 while SOL remained trapped below its July resistance range. Daan Crypto Trades noted that Solana 'needs to break this local consolidation before we can start looking at the range high again.'