Drop in SEO traffic while SERP rankings are stable. Why?

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Hi all,

I hope someone knowledgeable can help out here.

We have a curious issue with our SEO traffic.

From July 14th, we’ve experienced a sharp drop in organic traffic to a specific subset of our site’s pages: Pages with the “/l/” path.
This is not driven by a specific page - all our top performing “/l/” pages have seen a similar sharp decline.
There is also no significant difference in mobile vs desktop traffic.

Here’s Google Analytics:



And here’s Google Search Console showing “Clicks” to the site:



However, at the same time our SERP rankings have remained largely unchanged.

Here’s SEMRush:



And here’s Google Search Console showing “Position” data:



In fact, some of the pages that have seen this drop in traffic are still ranking as #1 in Google and are in Google featured snippet for the keywords we’re tracking.

What could be the cause of this? What am I missing?

Any help would be greatly appreciated!

Thanks in advance,
Daniel