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▲ Solana (SOL)/AI-generated image ©
Solana (SOL), hampered by macroeconomic instability and technical resistance, stands at a crossroads, facing the potential collapse of its $72 support level.
According to cryptocurrency market tracking site CoinMarketCap, as of August 1 (local time), Solana was trading at $72.90, down 0.94% over 24 hours. As Bitcoin (BTC) fell by 1.25% during the same period, SOL also followed the general bearish trend of the market.
This decline was driven more by risk-off movements due to macroeconomic uncertainty than by negative news specific to Solana. With the U.S. Federal Reserve freezing interest rates on July 29, persistent inflation concerns and geopolitical tensions in the Middle East have dampened overall risk appetite in cryptocurrencies. Whether Bitcoin can hold the $62,500 level will be a key variable influencing SOL's short-term trajectory.
Technical selling pressure and the absence of new bullish catalysts also fueled the weakness. SOL is trading below both its 50-day moving average of $74.90 and its 100-day moving average of $75.80, with momentum weakening within a rising wedge pattern. The Relative Strength Index (RSI) stood at 41.9, indicating a bearish trend. Without major ecosystem announcements or positive news to push back against sellers, rebound attempts have repeatedly been met with resistance.
The short-term turning point is the $72-$73 range, which showed support throughout July. If this price level holds, an attempt to recover $75 could follow, with the 50% Fibonacci retracement level at $78 identified as the next resistance. Conversely, if $72 breaks, there's a possibility of a rapid decline to the June low of $68. To confirm a trend reversal, the daily closing price must surpass $75 accompanied by an increase in trading volume.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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