Solana fell to $71.37 as over 60 million SOL changed hands in the key $65 to $71 support zone

Key support zone attracts attention

On-chain data reveals that more than 60 million SOL tokens have changed hands in the $65 to $71 range, making this band one of the strongest nearby support areas for Solana. Significant trading activity in such regions often serves as a defensive line, with many investors holding positions that can bolster the price during pullbacks.

Analyst Ali Charts has highlighted that over 60 million SOL were traded within the $65 to $71 range, underscoring this area as one of the most robust support zones. According to Ali, as long as this demand cluster is protected, Solana’s uptrend structure may not be fully compromised.

Should SOL remain above $70, the price may consolidate sideways before attempting to challenge resistance at $73. Conversely, a drop below $70 would draw attention to the $64 level as the next key support. If that level fails, the focus would likely shift to $53.10 as a potential short-term floor.

Mixed signals from technical indicators

The recent weakness is not the result of Solana-specific developments but rather reflects a wider crypto market downturn. During the same period, Bitcoin declined by 1.43%, while the total cryptocurrency market capitalization dropped by 1.18%, emphasizing Solana’s place among the more volatile digital assets.

The Fear and Greed Index currently stands at 16, indicating risk-averse sentiment. SOL is trading below its 30-day exponential moving average of approximately $72.48. While some technical indicators suggest weak momentum on daily charts, others show relative strength index (RSI) climbing to 51.60 and a positive crossover in the MACD. This divergence implies that while selling pressure may be easing, a decisive reversal will require stronger volume and closes above resistance levels.

World Xyz disclosure draws renewed interest

A long-awaited announcement from World Xyz, a notable project within the Solana ecosystem, revealed its identity. The project previously made headlines by purchasing the “world xyz” domain for $80,000. Following this disclosure, SOL’s price rose 2.86% in a single day, reigniting attention around the initiative.

Mini glossary: x402 refers to a technical payment standard designed to allow software agents and applications to pay for services online. The tokenization of real-world assets means creating digital versions of traditional assets such as bonds, real estate, or funds on a blockchain.

Vibhu, a representative from the Solana Foundation, described World as an intent-focused consensus infrastructure built on the x402 protocol. The platform aims to provide a decentralized framework for the tokenization of real-world assets.

Analysts broaden their watch levels

Sjuul, an analyst at AltCryptoGems, observed that while SOL has shown some strength on shorter-term charts, there is continued pressure on higher timeframes. According to Sjuul, a meaningful recovery would require reclaiming the $78 level to reestablish support.

Sjuul emphasized that although strength is visible in lower timeframes, broader challenges remain. The analyst believes that a sustained rebound would depend on $78 becoming a support level once more.

Other market analysts warn that losing the $65 to $75 zone could trigger renewed pressure toward the $50 to $55 area. In the second quarter, Solana’s trading volume reached $67 billion, while net outflows from SOL ETFs totaled $5.8 million in June. Meanwhile, a $15 million short position has raised market questions about whether the downturn could deepen further.