Solana Price Continues Downward Trend Amid Liquidity Shift

Solana's downward momentum continues as it trades below its crucial weekly opening price of $83.05. The cryptocurrency's decline has been swift, with recent charts indicating a notable drop from its upper resistance band to near-yearly lows.

Key support and resistance levels in Solana have become increasingly important, with the nearest support level at $61.14 and resistance at $83.05. Analysts caution that a sustained recovery for Solana would require a move past the $99.76 mark for a clearer bullish signal.

A recent liquidation event has cleared out highly leveraged long positions, reducing speculative risk in the market. However, there are currently no concrete signs of renewed buying pressure to fuel a rebound. The technical outlook for Solana remains uncertain as the market waits to see if new buyers will step in or if sellers continue to dominate at lower bands.