Solana price falls below $75 as traders favor ETH

Solana price fell about 5% from its July 27 high near $77 to $73 on July 28 as a break below short-term support triggered long liquidations.

Solana price drops back toward $73

According to data, $SOL price traded near $73.20 at the time of writing after falling from an intraday high around $77 during the previous session. The move represented a decline of about 5% from peak to trough.

The pullback followed SOL’s latest rejection from the upper half of a descending channel visible on the 4-hour chart. Buyers pushed the token toward $77 on July 27 but failed to challenge the channel’s upper boundary or the wider $78 resistance area.

Selling accelerated after SOL lost the $75 level, which had supported several earlier intraday rebounds. The token subsequently fell toward $73 before entering a narrow consolidation range.

SOL’s decline also came as capital showed a preference for Ethereum. ETH recently reclaimed $1,900, while SOL remained trapped below its July resistance range.

SOL indicators point to weak momentum

Solana remains inside a descending parallel channel that has guided its 4-hour price action since the early-July peak above $83. The channel has produced a sequence of lower highs, including rejections near $79 and $77.

SOL is now approaching the channel’s lower half. The lower boundary sits close to $70, making that level the next broader technical support if $73 fails.

The 4-hour relative strength index has fallen to 35.57, below its signal average of 47.33. The reading shows that sellers control short-term momentum, although SOL has not yet entered the conventional oversold zone below 30.

Aroon readings also favor the downside, with the stronger line at 78.57% compared with 57.14% for the opposing measure. The indicator reflects the recency of price highs and lows rather than the size of a move, but its current configuration is consistent with SOL’s recent lower low.

On the daily chart, the average directional index stands at only 11.54. An ADX reading below 20 normally indicates a weak trend, suggesting SOL is still consolidating rather than entering a confirmed directional breakdown.

That weak reading leaves room for false moves around support. SOL could briefly sweep liquidity below $73 before recovering, particularly if selling pressure in the derivatives market eases.

Solana price levels to watch next

The first level buyers need to recover is $74. A move above that area would allow SOL to challenge the $75 pivot, which has changed from support into near-term resistance.

A daily close above $75 would weaken the immediate bearish case. Bulls would then need to clear $77–$78 and break above the descending channel to reopen a path toward the July high around $83.

Failure to reclaim $75 would leave SOL exposed to another test of the $72.50 liquidation cluster. Below that area, the channel boundary near $70 becomes the next likely target.

The daily Murrey Math chart places the bottom of the broader trading range at $68.75. That level may provide stronger support if a breakdown below $70 develops. A deeper correction could then extend toward the $62.50 pivot, although the current low ADX reading does not yet confirm such a move.

#SOL