Solana is attempting to stabilize near the $69-$74 support zone after surrendering more than 75% of its advance from roughly $8 to $295. At the same time, Solana’s market capitalization remai
Solana is attempting to stabilize near the $69-$74 support zone after surrendering more than 75% of its advance from roughly $8 to $295. At the same time, Solana’s market capitalization remains near $42.8 billion, showing that the network’s valuation has contracted sharply alongside the token’s price.
Solana Returns to a Major Long-Term Support ZoneSolana’s long-term price chart captures the full scale of its latest cycle, from a deep bear-market low to a record-setting rally and the steep retracement that followed.
Solana Daily Chart. Source: shah (@shahh) on X
SOL advanced from approximately $8 to a peak near $295 before falling back toward $69. The decline erased more than three-quarters of the rally and returned the token to an area that previously formed part of its base before the strongest phase of the uptrend.
The $69-$74 region is now the main support zone to watch. SOL has started consolidating near this area following a sharp sell-off, but the chart has not yet produced a confirmed bullish reversal.
A sustained defense of $69 would keep the possibility of a broader bottom alive. Buyers would then need to push SOL above the recent consolidation range near $80-$85 to show that short-term momentum is improving.
The next major test would sit around $90-$100. That region previously acted as support during the decline and could now become resistance if traders who bought at higher prices use a rebound to reduce exposure.
However, a decisive break below $69 would weaken the developing base and increase the risk of a move toward the $60 area. SOL would also remain in a broader downtrend until it begins producing higher lows and reclaiming former support levels.
The chart therefore points to a potentially important value zone, but the size of the decline alone does not confirm a bottom. Buyers still need to defend support and regain nearby resistance before the outlook improves.
Solana Market Cap Struggles Near $42.8 BillionThe second chart tracks Solana’s market capitalization rather than SOL’s token price. It shows a prolonged decline from a peak above $120 billion to approximately $42.81 billion at the time of the screenshot.
Market capitalization represents the token’s price multiplied by its circulating supply. The decline therefore reflects a sharp contraction in Solana’s overall market value, although it should not be described as a direct measure of money leaving the asset.
The highlighted monthly structure shows sustained weakness following the market-cap peak. However, the July candle had not closed when the chart was captured, and the displayed data showed it slightly above its monthly opening level. That means the claim of a 10th consecutive red monthly candle remained unconfirmed.
The chart’s current range between roughly $40 billion and $50 billion is the main area to monitor. Holding above the lower end could allow Solana’s valuation to stabilize, while a recovery above $50 billion would provide an early sign that market-wide demand is improving.
A break below $40 billion would strengthen the bearish case and suggest that the contraction remains unresolved. By contrast, a series of higher monthly closes would offer stronger evidence that the valuation has formed a durable base.
Taken together, the two charts show SOL trading near an important price floor while Solana’s total market value remains under pressure. The outlook would improve only if price support holds and the market-cap chart begins reversing its prolonged sequence of weak monthly performance.
