Solana (SOL) tumbled by 8.57% in the past 24 hours, falling to $68.47. This sharp decline pushed SOL below several key short-term support levels. As market watchers debate the implications, q
Solana (SOL) tumbled by 8.57% in the past 24 hours, falling to $68.47. This sharp decline pushed SOL below several key short-term support levels. As market watchers debate the implications, questions have emerged over whether this move signals a lasting breakdown, a brief liquidity sweep, or perhaps the start of a broader accumulation phase.
The most notable development in the short term is the loss of the $77 to $80 price band. This region previously acted as major support on multiple charts, but following the latest pullback, the price dropped as low as $71.94. As a result, this former support is now likely to act as resistance if the price attempts to recover.
According to analyst Ali Charts, on-chain data based on the UTXO Realized Price Distribution highlights $77 as a pivotal cost area for Solana. A significant portion of the circulating supply changed hands at this level. With the price now below it, demand clusters further down have become sparser, leaving the market increasingly vulnerable to swift moves.
Glossary: UTXO Realized Price Distribution is an on-chain heatmap showing where investors acquired and moved their coins. This indicator is used to identify concentrated cost zones and to assess support and resistance areas.
Ali Charts points out that $77 stands out as a crucial cost basis, where a large share of Solana supply has transacted.
Unless SOL manages to reclaim the $77 level, lower zones at $53, $35, and $24 are highlighted as possible next demand areas. Not every one of these is guaranteed to be tested, but losing $77 leaves market structure looking more fragile for now.
For downside scenarios, the first important level buyers are watching is around $67.06. In a heatmap shared by trader Killa, the initial bid zone was at $76.99, with $67.06 as the next key area, and a deeper support at $53.33. As SOL has now dropped below the first level, attention has naturally shifted to the $67 region.
LevelRole$77 to $80First major resistance after breakdown$67.06Next key support$53.33Deeper demand area$35 and $24Lower cost clustersA bounce from the $67 region could indicate that buyers are willing to defend a broad price range. However, if $67 also fails, this could open the door for a deeper correction toward the $53 area. So far, there are no clear reversal signals at these lower levels.
Daan Crypto Trades notes that SOL had been trading in a wide, flat range for months, but the recent selloff has pushed the price below the lower boundary of this band. The analyst points out that in some altcoins, similar patterns have led to a flush of stop-losses at the bottom, followed by rapid rebounds—yet for such a reversal, the price would need to quickly reclaim the broken support. In Solana’s case, the $77 to $78 area now marks the first key level for any recovery attempt.
According to Daan Crypto Trades, this pattern resembles band-bottom clearouts seen in some altcoins, but for a bullish turn, reclaiming $77 to $78 is essential.
As long as SOL trades below this range, any upward attempts toward $77 to $80 are likely to encounter resistance from sellers, maintaining a weak short-term outlook.
Trader Symba, referencing a market cycle framework, suggests that Solana could be moving through a classic expansion, distribution, breakdown, and recovery loop. In this model, the lowest risk “bottom” region is estimated at $30 to $40, with potential for recovery into $95 to $120, and possibly as high as $240 to $300. The ultimate upside target for 2027 is set at $300 to $350.
Meanwhile, analyst Niels highlights that Solana has posted eight consecutive monthly closes in the red for the first time in its history. During the same period, SOL dropped 36.4% while ETH fell 33.5%. While this underlines Solana’s current weakness, the market’s main focus remains on whether buyers can reclaim the $77 to $80 zone. Success here could shift targets back to $85 and $94, but in the absence of a recovery, supports at $67.06 and $53.33 will stay in view.
The post Solana drops 8.6 percent in 24 hours, slips below $70 appeared first on COINTURK NEWS.
