Solana’s price has risen to $78 after successfully holding support around $74. However, the price hasn’t been able to consistently break above $80, and worries about a recent attack on the BONK governance system are still making investors hesitant.
Summary
- Solana price has recovered to $78 but must close above $80 to confirm a breakout.
- SOL trades above four key moving averages, while liquidity clusters could trigger a short squeeze.
- A loss of the $75.55 support would expose $72.50 and the June range floor near $67.
Solana (SOL) was trading at $78.03 as of today, according to crypto.news data. The price has seen a slight increase over the last 24 hours, fluctuating between $77.42 and $78.88. While Solana has bounced back roughly 5% from its low on July 18th, it’s still below the $82–$84 range it hit earlier in the month.
The Solana community experienced a setback when an attacker stole almost $20 million from BonkDAO’s funds. Crypto.news reports that the attacker purchased enough BONK tokens – around $4.4 million worth – to gain voting power, and then successfully passed a proposal with overwhelming support.
While the recent incident didn’t affect Solana’s core technology, it revealed vulnerabilities in a significant project within its ecosystem. Crypto.news reports that BonkDAO suffered from low voter turnout, lacked a necessary delay before changes were implemented, and allowed a single participant to wield enough voting power to determine the outcome.
Demand for Solana through investment funds helped to bolster the market recently. U.S. Solana exchange-traded funds saw a significant increase in investment on July 6th, taking in $8.36 million – the largest single-day inflow in almost two months, according to SoSoValue. Over the first week of July, these funds attracted a total of $5.75 million with no days experiencing net withdrawals.
Global political tensions continue to create challenges for riskier cryptocurrencies. On July 21st, the price of Brent crude oil closed at $91.01 following increased conflict between the U.S. and Iran, and threats to shipping in the Red Sea by Houthi forces caused worries about potential disruptions to energy supplies. According to Reuters, the value of the dollar also rose to 101.16 as traders began to anticipate that higher oil prices might prompt the Federal Reserve to prioritize controlling inflation.
Generally, when the dollar is strong and people anticipate interest rates going up, they tend to buy fewer risky investments. For Solana to keep rising and break past its current price ceiling, it likely needs a healthy cryptocurrency market overall and some relief from high energy costs.
Solana needs a daily close above $80 to unlock the next range
Looking at the daily chart, Solana (SOL) is currently testing resistance around $78.92. This price level had previously supported the price in February, April, and early June. While buyers managed to push above it briefly in July, the price couldn’t sustain the momentum and fell back down after hitting nearly $83.
If the price consistently closes above $78.92, it will overcome an initial hurdle. However, reaching $80 is a key psychological level that would confirm a breakout is happening. After that, the price might encounter resistance between $82.50 and $84. If the price manages to close above $84, it could then move towards $90, potentially reaching the previous high around $97.60.
The market seems likely to attempt another price increase. The Aroon Up indicator is high at 71.43%, and the Aroon Down indicator is at zero, suggesting recent price peaks are stronger than recent lows. However, the Chaikin Money Flow is slightly negative (-0.02), meaning buying pressure hasn’t fully supported the price gains.
Crypto trader Daan Crypto Trades notes that Solana (SOL) is currently at a critical price level. Whether the price goes higher depends on if buyers can push it up, as this area will determine the next move.
The price could either rise and attempt to reach the $90s, after establishing a new low point, or it could fall back down to the mid-$60s.
Looking at the 4-hour chart, the situation for SOL is looking more positive. The price is currently above all its key moving averages – $77.01 (20-period), $76.42 (50-period), $77.60 (100-period), and $75.55 (200-period). This suggests that buyers are now in control in the short term.
The 4-hour Moving Average Convergence Divergence (MACD) is still trending upwards based on its position relative to the signal line, though the strength of that trend has slightly decreased. While this indicates continued positive momentum, prices need a more convincing increase for the price to break above $80.
An increase in trading activity could help push the price higher. According to CoinGlass data, there’s a lot of potential for price movement around $78.50, $79.20, and $80.60, particularly from traders who are betting the price will go down. If the price rises above $79, these traders might be forced to buy back in to cover their losses, which could quickly drive the price up to $81.
Loss of $75.50 would invalidate the bullish setup
Currently, significant selling pressure exists around $76.80, $76.10, and $75. If the price falls below these levels, it could force the closure of many leveraged positions, potentially driving the price of SOL down to $74 – a price where buyers previously supported it during a recent dip.
The key support level to watch is $75.55. If the price drops and stays below this point, it suggests a potential downturn for SOL, possibly leading to a price around $72.50 and then potentially down to around $67.
Several factors could pull prices down, including oil staying above $90 a barrel, increased tensions between the U.S. and Iran, or another security problem within the Solana network. Currently, price charts suggest another try at $80 is possible, but Solana needs to decisively break above that level with significant investment to confirm a lasting recovery.
2026-07-22 01:26