Solana drops below $83 as $61 support nears

Solana has continued to trade below its crucial weekly opening price of $83.05 following a wave of selling pressure, slipping to its lowest levels so far this year. Current market attention is now squarely on the support zone at $61.14, as recent charts signal a notable decline from Solana’s upper resistance band to near-yearly lows.

Key support and resistance levels in Solana

According to analyst BitDealer, Solana’s failure to hold above the weekly opening price paints a risky technical picture for the cryptocurrency. Charts shared on trading platforms highlight that after being rejected at $83.05, Solana lost its key upper range support—a level that previously acted as a price floor. Solana currently trades far below its yearly opening at $124.44, underscoring its downward momentum.

On the resistance side, the first significant obstacle remains the $83.05 level. Should Solana surpass this, the next major area to watch is the monthly barrier at $99.76. On the support side, the nearest level is $61.14, located just below today’s trading range and seen as the first likely target in the event of another selloff.

A swift move above $83.05 could relieve some of the short-term bearish pressure. However, analysts caution that a sustained recovery for Solana would require a move past the $99.76 mark for a clearer bullish signal.

Analyst BitDealer noted that if Solana fails to reclaim its weekly opening price, the asset could edge closer to the $60 zone.

High-leverage longs quickly wiped out

CW’s latest liquidation chart on X reveals that nearly all highly leveraged long positions accumulated in Solana over the past month have now been eliminated from the market. As the price fell from above $90 into the lower $80s, significant liquidity pockets below the range were cleared.

During Solana’s price rally in May, traders heavily entered leveraged long positions, creating additional downside risk below the price. However, the recent correction triggered a cascade of liquidations, largely clearing out this excess leverage and indicating a substantial reduction in speculative risk.

The map now shows fresh, strong liquidity concentrations just above the current price—especially within the $88 to $90 band—with even broader upside targets forming in the mid to high $90s range.

If Solana can begin to recover from its current lows, rapid moves toward these upper liquidity areas may follow. For now, however, there are no concrete signs of renewed buying pressure that could fuel such a rebound.

The technical outlook for Solana has become much cleaner after this round of liquidations. The market’s next direction depends on whether new buyers step in or if sellers continue to dominate at lower bands.

Glossary: A liquidity map visually displays concentrations of buy and sell orders across price zones, indicating where rapid price movements could occur. It is a useful tool for spotting areas where liquidations have clustered, especially in highly leveraged trades.