Solana Pins Its $75 Support on Short-Term Buyers — Can Price Survive This Risky Setup?
Solana is relying on short-term buyers defending the $75 support level following a pullback triggered by bearish divergence and increased exchange inflows.Summary
Solana entered a corrective phase after peaking near $88 on February 8, dropping nearly 10% due to weakening momentum indicated by a hidden bearish divergence on the 12-hour chart. Selling pressure intensified as exchange flows flipped from net outflows to net inflows, signaling rising sell-side activity.
The current defense of the price is being led by short-term traders (one-day-to-one-week holding cohort), whose supply share has sharply increased. However, this group has historically provided weak, temporary support. While these recent buyers are currently underwater (indicated by NUPL in the capitulation zone), suggesting they won't sell immediately, their commitment is questionable.
Consequently, the $75 level is critical; it acts as a psychological and short-term cost-basis support. If Solana fails to hold $75, a new wave of selling could trigger drops toward $66 and $59. Recovery requires reclaiming $89, with meaningful improvement only seen above $106.
(Source：BeInCrypto)