Solana traded near $74 on July 28 after another rejection at $78, leaving the $72-$73 band as the support that decides its next move. Derivatives activity outweighs spot volume, which could amplify a break in either direction, while network usage and stablecoin liquidity stay resilient.
Solana traded near $74 on July 28 after another rejection at the $78 resistance level, bringing the key $72 support zone back into focus. The recent sell-off has weakened SOL's short-term technical structure, while elevated derivatives activity points to the potential for larger price swings.
Sellers remain in control below $78
The 12-hour SOL/USD chart shows SOL printing lower highs since peaking near $82 earlier in July. Each attempt to reclaim $78 has been rejected, and the Accumulation/Distribution indicator moved sharply lower, suggesting selling pressure intensified during the latest move.
SOL bounced from $72.57 to around $74.26, but the recovery came on relatively light volume, indicating buyers have yet to regain control. Immediate support remains between $72 and $73, and a decisive break below that area could expose $68, where buyers previously stepped in during June.
For the bearish outlook to weaken, SOL would need to reclaim $76 before securing a daily close above $78.
Derivatives positioning outweighs spot trading
Solana's derivatives market continues to outweigh activity in the spot market. CoinGlass data showed approximately $4.62 billion in open interest alongside $7.04 billion in 24-hour futures volume, compared with roughly $422.71 million in spot trading volume.
The platform also recorded around $16.65 million in liquidations over the past 24 hours. That imbalance highlights how heavily leveraged positioning continues to influence SOL's price action, and if support or resistance gives way, derivatives positioning could accelerate the next move in either direction.
Network activity remains a constructive signal
Despite the weaker price action, Solana's on-chain metrics remain relatively healthy. According to DeFiLlama, the network processed around $9.83 billion in decentralized exchange volume over the past seven days, down 4.74% from the previous week.
Daily active addresses remained near 2.16 million, while Solana's stablecoin market capitalization rose 9.85% over the same period to approximately $16.65 billion. Those figures suggest liquidity and user activity remain resilient even as SOL struggles to regain upside momentum.
Whether SOL holds $72 may depend on whether that network activity begins translating into renewed buying interest. If buyers defend the $72-$73 zone, Solana could attempt another move towards $78. A decisive break below $72 would increase the likelihood of a retest of $68, with the much-discussed $60 level becoming a more realistic downside target only if that support also fails.
Source: AMBCrypto
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