Solana Price Action Hinges on Key $72-$77 Range as IBIT Demand Weakens

The crypto community in Korea has been abuzz with discussions on the potential near-term developments for Solana (SOL), with many traders eyeing the $72.50-$77.19 range as a critical inflection point. According to the latest KOL Index review, which tracks high-engagement Telegram content, SOL/USDT broke below the horizontal support level at 77.19, pushing price action into a tightening symmetrical triangle structure on the 8-hour chart.

Technical chatter suggests that reclaiming 77.19 could invalidate the immediate breakdown signal and reopen the door to retests near $80.00 and the $86.00 area, where sellers previously defended. On the other hand, a breakdown through the trendline around 72.50 could set up a move toward $67.00 and potentially a revisit of February's lows.

Meanwhile, Bitcoin (BTC) price talk remained relatively muted, with traders focused on the state of U.S. spot ETF demand, particularly BlackRock's IBIT. Posts highlighted traders' habit of monitoring IBIT around the U.S. market open, with some attributing recent weakness to institutional distribution. The implication is that if spot ETF inflows soften, one of BTC's most closely watched sources of incremental 'liquidity inflow' may be less supportive in the short run.