Solana fell over 5% in 24 hours as whales opened major short positions near $69

Key levels to watch in the short term

Throughout the day, Solana’s price traded between $68.41 and $72.80. Despite a brief attempt to recover above $70, the price could not hold and quickly returned to the lower end of its daily range. This performance highlights $68 as a pivotal short-term support level actively monitored by market participants.

Analysts identify $68, $64, and $60 as key support levels. Conversely, a move back above $70 and then $72 would indicate the first signs of relief from the bearish pressure.

Major whale opens high-leverage short against SOL

Blockchain analytics platform Lookonchain reported that a major investor opened a 20x leveraged short position on 554,680 SOL, valued at approximately $38.15 million. The trade was initiated around $69.23, with a breakeven at $69.19, reflecting vigilant monitoring of on-chain activity by Lookonchain.

According to Lookonchain, a large wallet opened a 20x leveraged SOL short worth roughly $38.15 million.

With Solana trading close to these levels, the position hovers near breakeven or a modest gain. Market watchers suggest that if Solana fails to reclaim the $69–$70 range, such large short positions could deepen pressure on investor sentiment.

Critical resistance for analysts: the $75–$78 range

AltCryptoGems analyst Sjuul highlighted that selling activity remains dominant for Solana, although buyers are attempting to step in at current levels. Sjuul argues that for a bullish scenario to develop, reclaiming the $78 mark is essential. Until then, caution is advised for those considering long positions.

Sjuul underscored that a stronger uptrend could emerge once Solana reclaims $78, but until then, long trades carry heightened risk.

In the broader market, the $75–$78 range is widely regarded as a decisive resistance zone. Breaking above this could set the stage for a move to $85 and even $90. Conversely, renewed rejection here may shift focus back to the $64–$60 support band.

Beneath $60: a wider accumulation area emerges

Should the $60 support fail, analysts point to the $55–$40 range as the next major accumulation zone for Solana. This highlights the importance of the $60 threshold not only for short-term volatility but as a critical level in the medium-term market structure.

From a technical perspective, MACD indicators show the main line at -1.81, the signal line at -2.59, and the histogram at +0.79. While this suggests that bearish momentum might be slowing, a sustained recovery will require Solana to break above the middle Bollinger band, currently near $68.72. The upper Bollinger band, situated at $75.69, aligns closely with the resistance levels emphasized by analysts.

Solana is a blockchain network renowned for high-speed transactions and low transfer costs. Recent indicators show that SOL is struggling just below the $70 threshold, and a return to the $80–$90 bracket is needed for a more robust bullish trend to take shape.