Solana Price Risks $70 Drop as Buyers Retreat

Solana's price has dropped below $73 on August 3rd, sparking concerns of a further decline to $70. According to data from crypto.news, Solana ($SOL) traded at $72.55, down 1.47% on the daily chart after moving between an intraday high of $73.67 and a low of $71.98.

The decline has been ongoing since the July peak near $82.50, with sellers defending rebounds around $78 and then $76. The price has now fallen below the daily Bollinger Band midpoint at $75.09, which previously acted as support but has turned into a major resistance area.

Analyst Ted Pillows noted that spot demand is weak, saying 'Solana attempted to rebound after falling toward $71 on Aug 2, but spot demand failed to recover alongside price.' This weakness can leave a rebound dependent on leveraged derivatives positions, which are more vulnerable to reversals.