Solana drops below $76 as $253M liquidations hit market

The price of Solana (SOL) has declined below $76, driven by a significant wave of liquidations and broader market pressures, as the cryptocurrency struggles to overcome a key technical resistance zone. The asset was trading near $76.30 on July 13, representing a drop of approximately 1% over the previous 24 hours and extending a roughly 5% decline over the past week.

This downturn coincided with a major liquidation event totaling $253 million, predominantly affecting long positions. Analysts attribute the selling pressure to a combination of renewed geopolitical tensions, rising U.S. Treasury yields, and persistent expectations that interest rates will remain elevated, which have dampened risk appetite across financial markets. The liquidation clusters have created notable trigger zones, with significant long liquidations concentrated around $75 and just below $74.50, making those levels critical short-term support.

Despite the recent price weakness, several technical and on-chain indicators suggest underlying strength and a potential trend reversal. A key bullish signal emerged as Solana's three-day SuperTrend indicator turned positive for the first time since October, a shift...