Solana Price Holds Strong at $70 Amid Whale Exit Fears

Solana's price has been holding strong near $70 despite heavy deleveraging in the market, which can often turn bullish if the impact remains limited.

According to CoinGlass, Solana started August with $16 million+ in long liquidations, the biggest daily wipeout of bullish positions in nearly a month.

This setup is similar to one where too much leverage gets wiped out, clearing excess risk from the market and potentially allowing the price to recover if spot demand returns.

However, analysts point out that despite this potential setup, Solana's spot demand remains weak, with muted ETF flows showing that buyers are still cautious.