Solana and Zcash tumble below key moving averages as recovery fails
In brief
- Solana fell below its 100-day moving average at $74.50, trading near $73 with support at $72.
- Zcash dropped to $462 after July rally, breaking below both 50-day and 100-day moving averages.
- Volume declined for both assets, signaling weak conviction among market participants.
- SOL deeper support sits at $68-$70 if $72 level breaks.
- ZEC faces selling pressure at $470-495 on bounces, with $411 as key long-term support.
Solana's recovery attempt collapses
Solana fell back below its 100-day moving average after yet another unsuccessful attempt to reclaim higher ground. The asset was trading near $73, still trapped beneath significant resistance levels. SOL couldn't maintain its position above the 100-day moving average at $74.50, while the 200-day moving average remains much higher near $79.60.
The technical picture deteriorated as the 50-day moving average continued falling toward $75.70. July's price action consisted mostly of lower highs despite multiple strong recoveries from June's capitulation low. This pattern suggests weakness, not strength.
What's most telling: market participants are taking advantage of strength to lower exposure rather than open new long positions. The conviction isn't there. Over recent sessions, volume has progressively decreased, indicating a decline in both buyers' and sellers' conviction. Momentum is weak — the RSI has fallen to about 48, below the neutral threshold.
For support, near $72 is the first level to keep an eye on. If that breaks, the June recovery base could be exposed at $68–$70.
Zcash faces critical support test
Zcash is testing one of its most crucial technical support zones after declining back toward its 200-day moving average. Bearish momentum returned after an impressive July recovery, pushing ZEC below the 50-day and 100-day moving averages. The price has dropped to about $462.
The moving average structure tells the story: the 100-day sits near $472, the 50-day has rolled over and sits above price at $495, and the 200-day — the last significant long-term support — sits close to $411. After peaking close to $570, the asset produced a series of lower highs and lower lows.
Any short-term bounce faces a wall. Short-term recovery is probably going to encounter selling pressure in the $470–495 range, making that zone a ceiling for now. If support breaks, the $411 level becomes the next target.
