Solana Price Drops Below $70 as Momentum Indicators Point to Bearish Pressure

Solana's price has been on a downward trend for four consecutive days, after its recent attempt to recover momentum lost steam.

The altcoin had rallied from $63 to $76 last week before sellers regained control and triggered another pullback. After facing rejection at $76, SOL lost the $70 support level and dropped to a low of $68.

At press time, Solana traded at $69, down 1.3% over the past 24 hours. Meanwhile, Market Cap fell 1.4%, while Trading Volume rose 3%. The divergence suggested increased market activity as traders reduced exposure, pointing to stronger sell-side pressure.

Solana's daily chart continued reflecting a bearish short-term structure, with the altcoin falling below its 9-day Moving Average at $71 and slipping beneath the MA Cross near $70. This move aligned with growing downside momentum. The Directional Movement Index reinforced this view, with the Positive Directional Index (+DI) dropping to 19, while the Negative Directional Index (-DI) climbed to 26.