Solana's $75 Wall: Whets Its Appetite, ETFs Wipe the Crumbs 🧱

Solana [SOL] traded near $70 after a 2% rebound in the past 24 hours, with daily trading volume climbing more than 20% to roughly $2.20 billion. The move followed a TD Sequential buy signal late last week that lifted prices by about 8%, from $68 to $74. The recovery now faces heavy resistance at $75, where the 200 SMA and a descending trendline coincide. The TD Sequential has also flashed a sell signal on the 4-hour chart, raising the prospect of a minor pullback to $72 or lower.

Even as short-term momentum cools, structural metrics remain firm. Solana Spot ETF net inflows in the last week totaled more than $7.11 million, a shift from prior negative readings of $2.54 million. Daily on-chain transactions have doubled since January, expanding from 60 million to 120 million. In addition, SOL has outperformed Ethereum [ETH] in recent sessions, with ETF flows and network activity continuing to expand.

Broader positioning reflects that split. Onchain Lens reported that a whale expanded a 20x short position to 624,680 SOL, worth $43.4 million, with a floating loss of $4.5 million. By contrast, the Long/Short Ratio exceeded 3.0 on Binance and stood near 2.6 on OKX, indicating retail traders are leaning toward a rebound. Cumulative Short Liquidation Leverage climbed to $128 million, with $76 as the key upside liquidation level, while Cumulative Long Liquidation Leverage reached $80 million, placing $68 as the most important downside level.

Technical indicators echo the uncertainty. SOL slipped below its 9-day Moving Average at $71 and under the MA Cross near $70, while the Positive Directional Index (+DI) fell to 19 and the Negative Directional Index (-DI) rose to 26. The Average Directional Index (ADX) climbed to 27, underscoring that bearish momentum remains dominant. Market cap dropped 1.4% as trading volume rose 3% over the past 24 hours, a divergence consistent with traders reducing exposure.

With $68 and $76 now the levels to watch, a break below $68 could accelerate losses toward $66 and, if selling intensifies, $63. A move above $76 could trigger short liquidations and open the path toward $80.