Solana Pulls Back from $78 Mark Amid Profit-Taking and Weaker Momentum

After briefly climbing towards $78, Solana ($SOL) pulled back due to traders locking in profits and weaker short-term momentum. According to CoinGecko data, the token traded around $77 on July 16 after slipping about 1% over the previous 24 hours.

The rebound gained speed after the USDC Treasury minted 250 million $USDC on the Solana network on July 15, injecting fresh liquidity into the ecosystem. However, buying interest faded as traders began taking profits after the sharp move higher.

Bitcoin also eased from its recent highs, removing some of the support that had lifted large-cap altcoins during the previous session. Spot Solana exchange-traded funds recorded a net outflow of $707,100 on July 15, reversing a string of recent inflows.