Solana's price slipped below $73 on Aug. 3 as weak spot demand and sustained capital outflows raised the risk of a drop toward $70. The decline extended a broader pullback from the July high near $82.50, with sellers defending rebounds around $78 and then $76.
Price Analysis
The price has now fallen below the daily Bollinger Band midpoint at $75.09, which previously acted as support but has turned into the first major resistance area. SOL briefly moved below the lower Bollinger Band at $71.49 before recovering above $72, showing buyers remain active around $71.50–$72, but the limited rebound suggests they have not regained control.
Market Outlook
The Awesome Oscillator stood at -3.56, with its red bars expanding below zero, pointing to strengthening bearish momentum on the daily timeframe rather than an immediate trend reversal. Analyst Ted Pillows described the divergence as a sign of weakness, with spot demand failing to recover alongside price. The 4-hour Chaikin Money Flow reading supports that view, with CMF falling to -0.17, meaning more capital was leaving SOL than entering it during the measured period.
