Solana Price Eyes $70 as SpaceX SPCX Token Launches on SOL Blockchain

Solana price is trading around $66.80 today, sitting right at the edge of a falling wedge pattern on the daily chart.

This pattern has been forming since late 2025, with price grinding lower inside two converging trendlines.

What does the SOL/USD chart show right now?

The chart shows SOL bouncing near the lower boundary of the wedge, close to $65.

A falling wedge often points to a possible upside move once the price breaks above the upper line.

Right now, Solana looks like it's testing that breakout zone, with a small reaction higher already showing up on the daily candles.

Why are traders watching the $70 level?

According to the chart analysis shared by trader Ali, around 1.17 million SOL tokens have moved to exchanges over the past three weeks.

That kind of inflow often means traders are getting ready to sell or are repositioning.

Separately, data shared by trader TED points to a short-side liquidity cluster sitting near $70.

This cluster is described as much larger than the long-side liquidity, sitting closer to $60.

In simple terms, there may be more short positions that could get squeezed if the price pushes up toward $70 than long positions that could get hit if the price drops to $60.

That imbalance is part of why some traders think SOL could move up toward $70 to clear out those positions before any larger move down.

What does the futures data say about SOL right now?

CoinGlass derivatives data shows Solana futures volume fell 21.38% to $7.15 billion over the past day.

Options volume also dropped, down 29.12%.

Even with lower trading activity, open interest rose 1.54% to $4.60 billion. That means new positions are still being opened.

Long positions remain dominant across major exchanges, and top traders on Binance are leaning bullish.

Liquidation data also leans one way. Over the past 24 hours, $6.64 million in short positions were liquidated, compared to $1.44 million in longs.

This suggests short sellers have been getting squeezed, which can sometimes support the price in the near term.

How does the SpaceX SPCX token launch on Solana fit in?

SpaceX recently priced its IPO at $135 per share, putting its valuation near $1.75 trillion. The stock now trades on Nasdaq under the ticker SPCX.

At the same time, tokenized SPCX shares went live on Solana through platforms including Backpack Securities, Sunrise, Ondo Finance, and xStocks.

Backpack CEO Armani Ferrante said the setup lets securities move more easily between traditional markets and blockchain systems.

This kind of tokenization activity adds to the list of real-world use cases building on Solana, though it's still early to say how much impact this has on SOL price directly.

What's the bigger picture for Solana price?

Zooming out, SOL remains in a long downtrend from its highs above $260 in late 2025.

The falling wedge pattern, combined with the liquidity setup near $70 and $60, suggests price could be near a turning point.

Whether SOL breaks above the wedge toward $70 or breaks down toward $60 first will likely depend on how the next few daily candles close.

Traders may want to watch both the wedge boundary and the $70 zone closely over the coming days.

Disclaimer

This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile, and prices can change quickly. Always do your own research and consult a licensed financial advisor before making any investment decisions.