Solana Price Dropped to $74 Amidst Global Technology Sell-Off

Solana price has dropped about 4% to around $74 following a rejection near $77, amidst a global technology sell-off and leveraged long liquidations. This move has pushed traders towards caution. According to data from crypto.news, Solana ($SOL) price extended its decline on July 17 after failing to hold above the $76.50, $77 resistance area.

Selling accelerated as semiconductor shares led losses across global markets, with Nasdaq 100 futures down 1.8%, Japan's Nikkei 225 off 4%, and Taiwan's benchmark plunging more than 6%. The drop can partly be attributed to the rout due to doubts over stretched artificial intelligence valuations and leveraged retail positions.

Strong U.S. data added pressure on speculative assets, including Solana. Initial unemployment claims fell to 208,000 from 216,000, while June retail sales rose 0.2%. The 10-year Treasury yield climbed toward 4.60%, and the dollar strengthened, raising the cost of holding high-beta assets such as Solana.

Institutional demand has provided only limited relief, with U.S. spot Solana exchange-traded funds attracting $8.36 million on July 6, their strongest daily intake in almost two months. However, this inflow was not enough to prevent $SOL from retreating from its early-July high near $83.

Solana price can rebound if bulls reclaim the $76.50 level. On the 4-hour chart, $SOL trades near $74.87 and has reached the lower Bollinger Band at $74.33. The middle band at $76.51 now serves as immediate resistance, while the upper band sits at $78.69.

A 4-hour close above the midpoint would give buyers another chance to test the $78, $80 region. According to crypto analyst SatoshiOwl, Solana has reached a support area after breaking beneath an ascending trendline.