Solana Drops Over 5% as Whale Opens $38 Million Short Position
Solana (SOL) fell more than 5% over the past 24 hours, trading in the $68–$69 range as selling pressure intensified. According to the latest data, Solana recorded a 24-hour trading volume of $5.07 billion and a market capitalization of $39.92 billion.
Key Levels to Watch
During the past 24 hours, SOL traded between $68.41 and $72.80. Although the token briefly climbed back above $70, it failed to maintain its momentum and retreated toward the lower end of its daily range.
As a result, the $68 level has emerged as a key short-term support that traders are closely monitoring.
Whale Opens High-Leverage Short Position
Blockchain analytics platform Lookonchain reported that a crypto whale opened a 20x leveraged short position on 554,680 SOL, worth approximately $38.15 million. The position was opened at around $69.23, with a breakeven price of $69.19.
Since SOL is currently trading near those levels, the position remains close to breakeven or in slight profit. Market participants believe that if Solana fails to reclaim the $69–$70 range, large short positions like this could further weigh on market sentiment.
$75–$78 Remains the Key Resistance Zone
AltCryptoGems analyst Sjuul said selling pressure continues to dominate Solana’s price action, although buyers have started showing interest at current levels. According to Sjuul, SOL must reclaim $78 to strengthen the case for a bullish reversal. Until then, traders are advised to remain cautious when opening long positions.
From a technical perspective, the $75–$78 range is considered the major resistance zone. A successful breakout could pave the way for a rally toward $85 and even $90. However, another rejection in that area could send SOL back to the $64–$60 support zone.
$60 Support Is Critical
If Solana loses support at $60, analysts expect the next major accumulation zone to emerge between $55 and $40. This makes the $60 level a crucial threshold for both short-term price action and the medium-term market structure.
Technical indicators also suggest bearish momentum may be easing. The MACD remains in negative territory, but improving momentum indicates selling pressure could be weakening. Still, SOL needs to break above the middle Bollinger Band near $68.72 to confirm a stronger recovery. The upper Bollinger Band, currently at $75.69, aligns closely with the key resistance zone identified by analysts.
Solana is a high-performance blockchain known for its fast transaction speeds and low fees. While SOL continues to trade below $70, analysts believe the token must reclaim the $80–$90 range to confirm a stronger bullish trend.
