Solana Holds $70 Support Despite Heavy Whale Long Liquidations

Major long positions have unwound on Solana as whales cut exposure, yet the token has held around $70 despite the selling pressure. According to liquidation data cited in the piece, Solana saw over $16 million in long liquidations at the start of August—the largest daily wipeout of bullish positions in nearly a month. Short liquidations totaled around $187,000, placing long liquidations roughly 85 times higher.

Analysts point out that heavy deleveraging can turn bullish when impact remains limited. The theory holds that clearing excess leverage from the market creates room for recovery if fresh spot demand materializes. Bitfinex whales reducing their SOL longs may represent part of this reset, potentially allowing the token to stabilize at the $70 support level.

However, the article notes a significant counterpoint: spot demand for Solana remains weak, with muted ETF inflows indicating that buyers are still cautious. This raises a question about whale intentions—whether the exit reflects a simple leverage reset or signals positioning for further downside.

Broader macro conditions add pressure. The piece reports that crypto markets face a critical week with major economic data ahead, including manufacturing figures and July's jobs report. With September Fed rate hike odds climbing toward 60 percent, tighter liquidity conditions loom. July also marked the third consecutive month of net stablecoin outflows, signaling declining liquidity across the sector and putting Solana's volatility and whale exit in a wider riskier context.