Solana (SOL) is trading near $75.97, experiencing a modest 1.49% increase over the past 24 hours but still down nearly 6% over the past week. Despite short-term volatility, a significant monthly TD Sequential “9” buy signal has emerged on SOL’s chart, potentially marking a key moment for this altcoin’s trajectory after its steep drop from above $245 last year.

Technical Indicators and Market Context

The TD Sequential indicator, respected by traders for its reliability on monthly timeframes, suggests a waning bearish momentum that could foreshadow a trend reversal or an end to the protracted bear market in SOL. This signal is noteworthy because monthly charts incorporate broader investor sentiment and are less susceptible to noise than daily or hourly charts.

For this signal to materialize into a solid bullish trend, SOL must break through and sustain levels between $80 and $85, with a monthly close above $100 serving as a confirmation of a macro trend shift. Conversely, if prices dip below the $70 $75 support range, the validity of this buy setup could collapse, exposing SOL to further declines toward the $60 mark.

Adding depth to this analysis, Crypto Patel highlights a long-term price target of $500 for SOL, contingent on the coin holding above the 0.5 Fibonacci retracement level. This technical level is critical because it often acts as a pivot in market structure: remaining above it signals that upward momentum could be preserved even amid corrections. Should SOL maintain this threshold, a move toward $500 remains plausible, presenting a striking contrast to its current valuation near $75.

Short-Term Pressures and Market Reactions

While the monthly picture hints at potential recovery, short-term charts paint a more cautious scenario. A bearish pattern is active on the hourly timeframe with key resistance between $76.45 and $77.35. The validity of this short-term downtrend persists until SOL manages a decisive close above $77.35, which would negate the current bearish setup.

This pressure is reflected in recent liquidations: long traders have taken the brunt of losses, with $13.06 million liquidated over 24 hours out of a total $14.37 million, revealing heightened vulnerability among those betting on upward moves. Such liquidation dynamics can exacerbate volatility and caution investors seeking to time entries.

Further signs of institutional or long-term interest appear in on-chain data showing 100 million SOL leaving exchange reserves between July 3 and July 11, accompanied by 1.4 million new wallet addresses during this period. Meanwhile, the SuperTrend indicator on the three-day chart flipped bullish earlier this month the first such signal since last October, hinting that accumulation phases might be underway for some market participants.

This interplay of medium and long-term bullish indicators with short-term bearish pressure shows the complexity investors face with SOL. Analyzing these patterns alongside broader market influences remains essential for understanding SOL’s potential.