Key Takeaways
- Solana is currently hovering between $74 and $76, experiencing a 24-hour decline exceeding 3% with trading volume at $1.65B
- Technical analyst Ali Martinez identified a monthly TD Sequential “9” buy indicator on SOL’s price chart
- Liquidation data reveals long position holders faced substantial losses — $13.06M out of a total $14.37M in 24-hour liquidations
- Market analyst Crypto Patel maintains that SOL’s ambitious $500 price projection stays viable if the 0.5 Fibonacci support holds firm
- Critical price thresholds to monitor: $77.35 for bullish confirmation, $70–$75 range as essential support territory
Solana (SOL) is currently positioned near $75.97, reflecting a 1.49% increase over the last 24-hour period. The cryptocurrency has recorded $1.88 billion in daily trading activity, supporting a total market capitalization of $44.26 billion.
While demonstrating modest short-term gains, SOL has experienced a 5.9% decrease across the past week and an 8.9% drop over the preceding two weeks. The cryptocurrency maintains a positive 2.6% gain on the monthly timeframe.
Market analyst Ali Martinez has drawn attention to a monthly TD Sequential “9” buy indicator forming on Solana’s chart. This technical signal materialized following a substantial correction from levels exceeding $245 in late 2024 down to approximately $76.62.
The TD Sequential indicator has emerged after a prolonged bearish phase, suggesting diminishing selling pressure. Signals appearing on monthly charts typically hold greater significance than those on shorter-duration timeframes.
To validate this technical pattern, Solana must recapture the $80–$85 price corridor. A confirmed monthly closing price above $100 would reinforce a potential macro trend reversal. Conversely, a breakdown beneath $70–$75 would compromise the bullish setup and potentially expose the $60 region.
Fibonacci Support Critical for Extended Price Projection
Technical analyst Crypto Patel maintains that Solana’s long-range $500 price objective remains achievable — provided the cryptocurrency sustains trading above the 0.5 Fibonacci retracement threshold. This technical level represents a crucial component of the broader market architecture.
Maintaining position above the 0.5 Fibonacci retracement typically indicates an intact uptrend, even when experiencing pullbacks and corrections.
Examining the near-term one-hour timeframe reveals a bearish configuration currently developing. The entry range is established between $76.45 and $76.70, with projected downside objectives at $75.70, $74.30, and $73.60.
This bearish near-term structure remains effective provided SOL continues trading beneath $77.30. A decisive close above $77.35 would negate this bearish scenario.
Long Position Holders Face Significant Liquidations
Data from CoinGlass indicates that leveraged long traders bore the majority of recent liquidation events. Aggregate SOL liquidations during the past 24 hours totaled $14.37 million. Long positions represented $13.06 million of this figure — comprising approximately 91% of all liquidations.
Within a 12-hour window, long positions experienced $7.66 million in liquidations compared to just $1.07 million for short positions.
In a separate technical development, Solana’s SuperTrend indicator on the three-day chart shifted to bullish on July 12 — marking the first buy signal recorded since October 10.
During the period spanning July 3 through July 11, cryptocurrency exchange reserves decreased by 100 million SOL. Throughout this same interval, the Solana network welcomed 1.4 million newly created addresses, as reported by Token Terminal analytics.
SOL presently trades within a significant historical volume concentration area, positioned between current price levels and a more extensive macro expansion zone.
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