Solana Sits on Its $67.50 Floor After a 24% Slide: What Next?

Solana (SOL) trades near $68, on its $67.50 floor. A floor is a price where falls have stopped before. The price is testing that level now.

The price is down about 24% over the past 7 days. That fall is far more than its usual daily move would add up to over the same days. A usual daily move is how far the price typically moves in a day.

A Fall Twice the Size of a Normal Day

The price fell about 10% on 14 November. That is about twice its usual daily move. The 14 November daily close was the lowest in 30 days.

The fall of recent days is far larger than the usual daily swings. Source: Binance SOL/USDT daily prices, to the 14 November daily close, computed by www.altcoinbuzz.io.

Open interest on Binance futures was $649 million, down about 22% over 7 days. The same measure is down about 32% since 17 October. Open interest is the value of futures contracts still open, each a bet on where the price goes.

Solana spot ETF outflows have run for seven consecutive trading sessions, money leaving the funds each day. They total approximately $58.3 million, per preliminary ETF data reported by Coinpaper.

The Floor That Turned the Price Three Times

The floor at $67.50 is the nearest level below the price, right at the price now. It has turned the price 3 times since early February. Its last turn was on 25 June.

The price sits right on its $67.50 floor. Source: Binance SOL/USDT daily prices, to the 14 November daily close, computed by www.altcoinbuzz.io.

Where Solana's Daily Close Would Settle the Fall

A daily close is the last price of the day. A daily close above $70.58 would leave $76.39 as the next level up. The $70.58 level is about 4% above the price. The $76.39 level is about 12% above.

A daily close below $67.50 would leave $64.04 as the next level down. The $64.04 level is about 6% below the price.

A daily close above $70.58 or below $67.50 is what would settle the question. The lower of the two, the $67.50 floor, is where the price sits right now.