Solana Price Risks $70 Drop as Bearish Momentum Gains Strength

Solana's price has been on a downward trend since its July high near $82.50, forming a sequence of lower highs with sellers defending rebounds around $78 and then $76.

The token fell 1.47% to $72.55 on August 3, placing it near its daily lower Bollinger Band, and the decline extended below the midpoint at $75.09, which previously acted as support but has turned into the first major resistance area.

A move above $72.96 could open a retest of $73.88, and while additional liquidity appears near $74.50 and $76, creating potential targets if SOL begins a short-covering rebound, the weak Chaikin Money Flow reading and bearish moving-average structure suggest any recovery must be confirmed by stronger spot buying.