Solana trades at around $74, very close to the $73.75 mark that analyst Ali Martinez calls the token's most critical support. Martinez names $60 as the next major downside target if SOL closes under that zone, while spot SOL ETFs saw their daily total net inflow drop to -$18.07 million on July 28. Other traders read the same levels as a buying opportunity.
SOL trades at around $74, or very close to the $73.75 mark that Ali Martinez labeled a make-or-break moment. More than 50 million SOL were bought around that level, which the popular analyst calls the most critical support on the map.
SOL risks a tenth consecutive red month
X user WIZZ noted that the token has logged nine consecutive red months and is at risk of closing a tenth, something unseen in its history. Ivan on Tech said people should respect the trend and take it as a warning that the price could slip further in the near future.
Martinez thinks a sustained close under the key support level might trigger additional selling pressure. He outlined $60 as the next major downside target.
Below that, Martinez pointed to $50: "Below that, there is little meaningful support until $50". Shortly after, the analyst claimed SOL has lost its rising channel, arguing that the price could move south toward $60 if bears maintain control.
Spot SOL ETFs post their largest red candle since December
Waning institutional interest also signals that the token may experience a further pullback. SoSoValue's data show that spot SOL ETFs remain unattractive to pension funds, hedge funds, and other investors. The daily total net inflow for July 28 dropped to -$18.07 million, the largest single-day red candle since December last year.
Some traders read sub-$80 as an entry point
Solana's native token has been underperforming during the persistent bear market, but some analysts view the current levels as great buying opportunities. X user Crypto Zenkai opined that buying SOL at its current level below $80 is like investing in BTC in 2010.
That post drew mixed reactions, with many commentators saying the comparison was inappropriate.
Source: CryptoPotato
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