Key Takeaways:
- Solana fell 4% to $74 after failing to hold above the $77 resistance level
- A recovery above $76.50 could trigger short liquidations toward $78-$80
- Losing $74 would expose the daily Supertrend support at $69.60
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Solana drops 4% to $74 as tech sell-off pressures altcoins
Solana price fell to a key support zone near $74 on July 17 as a global technology rout and leveraged long liquidations pushed the token to its lowest level in more than a week.
Solana (SOL on Solana) dropped 3.9% to $74.87 as of 17:00 UTC after sellers rejected a move above the $76.50-$77 resistance area, according to CoinGecko data. The decline accelerated as semiconductor shares led losses across global equity markets, with Nasdaq 100 futures falling 1.8%, Japan's Nikkei 225 dropping 4%, and Taiwan's benchmark index plunging more than 6%.
The sell-off reflected doubts over stretched artificial intelligence valuations and forced deleveraging of retail long positions, traders said. Strong US economic data added pressure on speculative assets — initial jobless claims fell to 208,000 from 216,000, while June retail sales rose 0.2%. The 10-year Treasury yield climbed toward 4.60%, and the US Dollar Index strengthened, raising the opportunity cost of holding high-beta assets such as Solana.
Institutional demand provided only limited relief. US spot Solana exchange-traded funds attracted $8.36 million on July 6, their strongest daily intake in almost two months, per SoSoValue data. The inflow was not enough to prevent SOL from retreating from its early-July high near $83.
SOL needs to reclaim $76.50 to target the $78-$80 liquidity zone
On the four-hour chart, SOL is trading near the lower Bollinger Band at $74.33. The middle band at $76.51 now serves as immediate resistance, while the upper band sits at $78.69. A four-hour close above the midpoint would give buyers another chance to test the $78-$80 region.
Momentum remains weak but is approaching levels where relief rallies can develop. The four-hour relative strength index has dropped to 36.58, below its signal average of 45.48 but still above the oversold threshold of 30. Price has also formed a sequence of lower highs since the July 4 peak near $83.
According to crypto analyst SatoshiOwl, SOL has reached a support area after breaking beneath an ascending trendline. "Hold here and we could see a relief bounce back toward $78-$80. Lose it, and a deeper flush becomes much more likely," the analyst said.
Ali Charts offered a longer-term counterpoint, noting that the TD Sequential indicator has produced a buy setup on Solana's monthly chart. The analyst described it as a potential early warning of a macro trend change, though the monthly setup requires confirmation from shorter time frames.
The daily chart remains constructive above the Supertrend support at $69.62. Chaikin Money Flow stands at 0.03, showing that capital flow is still marginally positive despite the latest sell-off. SOL must first recover the former horizontal support at $76.64 before the daily structure can improve.
CoinGlass' three-day liquidation heatmap places the nearest large pools of leveraged positions above the market. Dense clusters sit near $76.50-$76.70, $78, and $78.70, making those levels possible price magnets if SOL rebounds. A move through $76.70 could liquidate short positions and accelerate a recovery toward $78.
A break below $74 would expose the $69.60 support zone
Downside risk will rise if SOL closes decisively below the $74-$74.30 area. The heatmap shows less concentrated liquidity immediately beneath the current price, leaving room for a quicker decline toward $72 before the daily Supertrend level near $69.62 comes into play.
A loss of $69.62 would invalidate the remaining bullish daily setup and expose the June recovery base between $64 and $66. Macroeconomic pressure could deepen that move if Treasury yields continue higher, technology shares extend their decline, or renewed US-Iran tensions lift oil prices and reduce demand for risk assets.
For now, SOL remains caught between weak four-hour momentum and positive daily capital flow. Bulls need $76.50 back to target the liquidity stacked near $78-$80, while a failure to protect $74 would place the $69.60 trend support at risk.
This article is for informational purposes only and does not constitute investment advice.
