Solana (SOL) tumbled 8.6% over the past 24 hours, sliding below the $70 mark and touching a low of $71.94. The $77 to $80 price band, which previously acted as major support, has now been lost and is likely to serve as resistance on any attempt to recover.
$77 Cost Basis Breached, Sparse Demand Below
On-chain analyst Ali Charts points out that based on the UTXO Realized Price Distribution indicator, $77 was a critical cost level where a large portion of Solana's circulating supply had changed hands. With price now below it, demand clusters further down have become thinner, making the market more vulnerable to sharp moves. Unless SOL reclaims $77, the next potential demand zones are highlighted at $53, $35, and $24, though not all are guaranteed to be tested.
Buyers Eye $67 and $53 as Next Defenses
Trader Killa shared a heatmap showing the initial bid zone at $76.99, with $67.06 as the next key support area, and a deeper level at $53.33. Since SOL has already broken below the first level, attention has shifted to the $67 region. A bounce from here would indicate buyers are willing to defend a broad range, but a failure could open the door for a deeper correction toward $53. So far, no clear reversal signals have emerged at these lower levels.
Four-Month Trading Range Breaks Down
Analyst Daan Crypto Trades notes that SOL had been trading in a wide, flat range for months, but the recent selloff has pushed price below the lower boundary. In some altcoins, similar patterns have led to a flush of stop-losses at the bottom followed by quick rebounds — but for such a reversal, price must quickly reclaim $77 to $78. As long as SOL trades below this range, any upward attempts toward $77-$80 are likely to encounter seller resistance, maintaining a weak short-term outlook.
Long-Term Goals Amid Near-Term Pressure
Trader Symba, using a market cycle framework, suggests Solana could be moving through a classic expansion-distribution-breakdown-recovery loop. In this model, the lowest risk bottom region is estimated at $30 to $40, with potential recovery into $95-$120, and possibly as high as $240-$300. The ultimate 2027 target is set at $300-$350.
Analyst Niels highlights that Solana has posted eight consecutive monthly red closes for the first time in its history. Over that period, SOL dropped 36.4% while ETH fell 33.5%. Though this underlines Solana's current weakness, the market's main focus remains on whether buyers can reclaim the $77-$80 zone. Success could shift targets back to $85 and $94; absent a recovery, supports at $67.06 and $53.33 will stay in view.