Solana fell more than 5% over the past 24 hours, trading in a $68.41 to $72.80 range. The token briefly pushed back above $70, but the move did not hold. Price quickly slipped toward the lower end of the daily band, keeping $68 in focus as the main short-term support level.
A whale opened a 20x leveraged short around $69.23
On-chain analytics platform Lookonchain reported that a large investor opened a 20x leveraged short on 554,680 SOL, a position valued at roughly $38.15 million. The trade was opened near $69.23, with a breakeven level at $69.19. With SOL still trading close to that zone, the position remains near breakeven or in a modest profit.
The market is watching the same area closely. If SOL fails to reclaim the $69 to $70 range, the presence of a short position of this size could keep pressure on sentiment.
Support levels stack at $68, $64, and $60
Analysts cited $68, $64, and $60 as the main support levels on the downside. The first test is happening now. If $68 gives way, attention may shift quickly to $64 and then $60. On the upside, the first resistance levels are $70 and $72; moving back above them would be the first sign that bearish pressure is easing.
Below that, the chart opens up further. If $60 fails, analysts point to $55 to $40 as the next broad accumulation zone, making $60 a key threshold not only for short-term price action but also for the medium-term structure.
The $75 to $78 band remains the decisive resistance area
AltCryptoGems analyst Sjuul said selling activity is still dominant for Solana, even as buyers attempt to step in at current prices. In his view, a stronger bullish setup requires SOL to reclaim $78. Until that happens, long positions carry elevated risk.
Across the broader market, the $75 to $78 range is treated as the major resistance zone. A breakout above that band could shift attention to $85 and even $90. A fresh rejection there would likely send traders back to the $64 to $60 support region.
Indicators suggest selling momentum may be slowing
From a technical standpoint, the MACD main line stands at -1.81, the signal line at -2.59, and the histogram at +0.79. That points to a possible slowdown in bearish momentum, but it does not confirm a sustained recovery. For that, SOL would need to break above the middle Bollinger band, now near $68.72. The upper Bollinger band sits at $75.69, close to the resistance area already highlighted by analysts.
Solana is known for high transaction speed and low transfer costs, but current trading shows the token still struggling below $70. A return to the $80 to $90 range is still needed before a stronger bullish trend can be argued from the price structure.