Solana Price Slumps as Sellers Remain in Control Below $78
Solana's price has been struggling to hold above $72 after a rejection at the $78 resistance level. The recent sell-off has weakened SOL's short-term technical structure, and elevated derivatives activity points to larger price swings.
The 12-hour chart shows that SOL has printed lower highs since peaking near $82 earlier in July. Each attempt to reclaim $78 has been rejected, with the latest decline accompanied by one of the largest red volume bars on the chart.
Despite a brief bounce from $72.57 to around $74.26, the recovery came on relatively light volume, indicating buyers have yet to regain control. The immediate support remains between $72 and $73, with a break below this area exposing $68 where buyers previously stepped in during June.