Solana Price Dips Below $75 Amid Shift to Ethereum

Solana Price Dips Below $75 Amid Shift to Ethereum

On July 28, 2026, Solana’s price fell approximately 5%, dropping from a high of around $77 to approximately $73, as the cryptocurrency could not sustain its recent recovery. This decline was marked by a breach of short-term support, leading to an increase in long liquidations.

Price Action Analysis

At the time of reporting, Solana (SOL) was trading near $73.20, a significant drop from its peak. The coin’s inability to break through the resistance levels over the past few sessions contributed to the downward trend. After hitting $77 on July 27, SOL was rejected from the upper boundary of a descending channel, leading to its steep price drop.

As the price fell beneath $75, which had previously served as a crucial support level, SOL quickly retreated towards $73 and has since entered a narrow consolidation range. The daily chart indicates that SOL has traded below the major Murrey Math pivot level of $75, illustrating the bearish sentiment in the market.

Long Liquidations Create Market Instability

The decline in Solana’s price can be largely attributed to increased long liquidations after slipping below key price levels. The CoinGlass liquidation heatmap revealed that SOL encountered multiple leveraged trading zones between $75 and $73, exacerbating the selling pressure as traders closed their positions. The presence of significant liquidity bands around $72.40–$72.70 indicates potential volatility, suggesting that the market remains susceptible to further movements.

Market Sentiment Shifting Toward Ethereum

Contributing to Solana’s recent struggles is a notable preference among traders for Ethereum (ETH), which recently reclaimed the $1,900 mark. Traders suggest that the strengthening of ETH against Bitcoin has diverted attention away from Solana, leaving the latter in a weaker position. Notable crypto trader Daan Crypto Trades indicated that Solana must break through local resistance to regain bullish momentum, while SOL’s ongoing weakness keeps it trapped below July’s resistance ranges.

Technical Indicators Point to Weak Momentum

Current technical indicators indicate that Solana remains within a descending parallel channel. The next support level, should $73 fail to hold, is near $70. The relative strength index (RSI) has dropped to 35.57, suggesting that sellers control the momentum, yet the asset is not oversold. The average directional index (ADX) is currently low, signaling a weak trend and indicating the possibility for false movements around support levels.

Looking Ahead

Moving forward, buyers will need to push Solana back above $74 to challenge the $75 pivot that has transitioned to resistance. A daily close above this level could provide an opportunity for bulls to retest higher resistance levels near $77–$78. Conversely, failure to reclaim $75 may lead to tests of lower liquidity levels near $72.50 and possibly the $70 boundary.

Additionally, external economic factors such as the upcoming Federal Reserve policy decision may influence market sentiment and liquidity, impacting demand for assets like Solana.