Solana Price Plummets to 10-Month Low, $60 Support Zone in Focus

Solana's price has been on a downward trend for months, and it just reached a milestone, 10 consecutive monthly red candles. The token broke below a key trend line and formed a bearish descending channel on the daily chart.

The price is now below both its 100-day simple moving average of $78.06 and its 200-day SMA of $84.71, keeping the broader technical structure under pressure. Sellers have been in control for several weeks, with SOL making lower highs since failing to reclaim the July peak near $82.

Investor interest in SOL through ETFs has been thin, with net inflows of just $14.6 million in July and a net outflow of $800,000 in June. On-chain, a crossover between the 30-day and 50-day moving averages of daily active users has appeared, which has preceded large price swings for SOL in the past.

Despite weak price action, crypto analyst Nebraskangooner noted that Solana's fundamentals remain strong, with July being a standout month. The network processed over one billion non-vote transactions in a single week, and stablecoin supply hit an all-time high of $15.7 billion.