Solana trades above $73, but falling Bitfinex longs and weak spot demand raise doubts about the rally. Discover the key support and resistance levels.

Solana Holds Above $73, but Market Conviction Remains Weak

Solana (SOL) has reclaimed the $73 level after recovering from an intraday decline that briefly pushed prices near $70.60. While the rebound has improved short-term sentiment, market data indicates that the recovery may still lack the broad buying support needed to sustain further gains. Two important indicators—declining Bitfinex long positions and subdued spot-market demand—suggest investors remain cautious despite the recent price improvement.

Price recoveries backed by strong buying activity often attract additional momentum. However, when prices rise while demand indicators remain weak, traders typically question whether the move is driven by genuine accumulation or simply short-term derivatives activity. As a result, Solana now faces an important technical test that could determine its next major direction.

Bitfinex Longs Signal Cautious Traders

One of the clearest warning signs comes from Bitfinex, where aggregate long positions have declined noticeably during Solana’s recovery. Although reduced leverage does not automatically indicate an imminent selloff, it reflects that many leveraged traders are becoming less aggressive.

Several factors can explain falling long exposure, including:

• Profit-taking after recent gains.
• Lower leverage to reduce market risk.
• Portfolio reallocation into other digital assets.
• Position liquidations during earlier volatility.

On its own, this data should not be interpreted as bearish confirmation. Instead, it serves as a signal that requires validation through price action and additional market indicators. If leveraged participation continues to decline while prices struggle near resistance, bullish momentum could weaken further.

The current recovery has therefore become increasingly dependent on fresh buying rather than leveraged speculation.

Spot Demand Still Lags Behind

Technical data from the 15-minute SOL/USD chart shows Solana establishing a series of higher lows after rebounding from approximately $70.60. This pattern typically reflects improving short-term momentum and growing buyer confidence.

However, one major indicator remains unconvincing. Spot Cumulative Volume Delta (CVD), which measures the balance between aggressive buying and selling in the spot market, has stayed deeply negative at roughly -314,000 throughout the rebound.

This divergence is significant because rising prices accompanied by flat or negative Spot CVD often suggest:

• Limited spot accumulation.
• Greater influence from derivatives trading.
• Short covering instead of genuine buying pressure.
• Reduced market liquidity supporting the rally.

While this does not guarantee another decline, it indicates that the current recovery lacks strong confirmation from real market demand.

Key Price Levels to Watch

For Solana to strengthen its bullish outlook, buyers must successfully defend the $73 support region while pushing prices above nearby resistance around $73.50. A breakout supported by improving Spot CVD would indicate stronger participation from spot investors and increase confidence in a broader uptrend.

Failure to maintain current support, however, could shift momentum back to sellers. A move below the rising intraday trendline may expose the next support near $72, followed by another test of the recent low around $70.60.

Although Solana’s rebound has restored some optimism, market participation remains uneven. Until spot demand improves and leveraged traders regain confidence, the cryptocurrency’s recovery is likely to remain vulnerable to renewed selling pressure. Investors should closely monitor volume trends alongside key technical levels before expecting a sustained breakout.