Solana Price Plummets 10%, Bears Eye $60 Target

Solana's price has declined 10% over the last month following a breakdown from crucial trend line support. The asset has established a bearish descending channel pattern visible on daily timeframes.

The 100-day SMA and 200-day SMA are currently above Solana, at $78.06 and $84.71 respectively, indicating sustained downward pressure on the token.

ETF products tracking Solana have recorded low net inflows, with just $14.6 million in July, while June saw net outflows of $800,000.