Solana price forecast: Can SOL hold $72 as selling pressure builds?

Discover the key support and resistance levels for Solana (SOL) as it faces selling pressure; can it maintain the critical $72 mark?

As we enter the last days of July 2026, Solana (SOL) finds itself at a critical juncture. With trading hovering around $74 on July 28, the price action reflects increasing selling pressure and a struggle to hold key support levels. Can Solana maintain its footing at $72, or are we looking at deeper corrections?

What Are the Key Price Levels for SOL?

On the 12-hour SOL/USD chart, we see a concerning trend for Solana. The cryptocurrency has struggled to break above the $78 resistance level, and each attempt to reclaim this price point has been thwarted. This trend has led to the formation of lower highs since peaking near $82 earlier in July.

Yesterday's trading session included one of the largest red volume bars on the chart, indicating that selling pressure has intensified. As a result, attention turns to the critical support zone between $72 and $73. A decisive break below this area could open the door for a retest of $68, a level where buyers had previously entered in June.

Could Derivatives Market Influence SOL's Next Move?

Interestingly, the dynamics of the derivatives market are a telling factor in Solana’s price action. Current data from CoinGlass points to around $4.62 billion in open interest, accompanied by a whopping $7.04 billion in 24-hour futures volume. This stark contrast to the approximately $422.71 million in spot trading volume suggests that leveraged positions could substantially amplify price movements—either upward or downward.

With about $16.65 million in liquidations over the past 24 hours, traders should be aware: a shift in market sentiment could lead to sudden price swings. Should SOL break support or resistance, the resultant volatility might be pronounced, leaving traders on edge.

Is Network Activity a Silver Lining for SOL?

Despite the turbulent price action, it’s worth noting that Solana’s on-chain metrics offer a more optimistic perspective. Recent data from DeFiLlama showcases the network processing around $9.83 billion in decentralized exchange volume over the past week, only a slight dip of 4.74% compared to the previous week.

Moreover, daily active addresses remain robust at about 2.16 million, while Solana's stablecoin market capitalization saw a notable rise of 9.85%, reaching approximately $16.65 billion. These indicators suggest that although SOL's price struggles, user activity and liquidity continue to be resilient.

Can Buyers Defend the $72 Support?

Ultimately, Solana’s ability to hold the $72 support might hinge on whether the strong network activity translates into renewed buying interest. Currently, technical indicators are favoring sellers. If buyers can successfully defend the $72-$73 zone, SOL might attempt another challenge towards the $78 resistance.

However, should the price fall significantly below $72, the likelihood of retracing back to $68 increases. A break beneath this point could lead to a much-discussed target of $60, suggesting that cautious traders should stay alert.

Key Takeaways

  • Solana is currently trading around $74 after being rejected at $78 resistance level.
  • The critical support zone to watch is between $72 and $73; breaking below could expose $68.
  • Derivatives market activity significantly outweighs the spot market, suggesting potential for sharp price swings.
  • On-chain metrics remain healthy, with steady network usage and increased stablecoin liquidity.
  • The overall bullish outlook hinges on maintaining support at $72 with the potential for renewed buying interest.

As market conditions evolve, keeping an eye on competitive trading rates at platforms like Binance, Bybit, and others could provide strategic advantages. Check out our Binance referral page for exclusive bonuses and features.