Solana has begun showing signs of recovery after enduring one of its sharpest downturns in recent months. According to market data, SOL rebounded from the $60 region and is now trading near $64.85. A 5.39 percent jump over the last 24 hours suggests buyers may be re-entering the market following intense selling pressure.
$60 emerges as a short-term support
The latest price action points to $60 as a critical psychological support in the near term. If this level holds, SOL could attempt rallies toward $70 and possibly $76. However, if the upward momentum fades, analysts caution that this rebound may prove to be just a temporary correction following the recent steep selloff.
Charts shared by analysts reveal that while the reaction near $60 has brought short-term relief for Solana, the risk of further declines remains until the $70 to $76 range is decisively broken.
The bearish scenario in the short term is not off the table. Some market watchers argue that after retesting its broken support zone, SOL might react negatively once more. As a result, the $70 to $76 range stands out as a key resistance area in the current environment.
| Level | Significance |
|---|---|
| $60 | Primary support zone |
| $70 to $76 | First major rebound test |
| $55 to $58 | Lower support in case of renewed selling |
Oversold signals spotted on monthly chart
Zooming out to broader time frames reveals even steeper deterioration. Market commentary notes that SOL recently hit one of its lowest levels in three years, hovering around $60. The asset has also plunged over 80 percent from its all-time high and, notably, has posted eight consecutive monthly losses—a first in its history.
The monthly RSI indicator, which measures the speed and strength of price movements, has dropped into an oversold zone even deeper than what was seen after the FTX collapse in 2022. This technical indicator typically signals episodes of especially intense selling pressure.
Mini glossary: RSI, or Relative Strength Index, is a technical indicator used to determine if a price move has reached overbought or oversold conditions.
While the oversold levels on the monthly chart do not guarantee that a bottom is in, they do point to an unusually large selling wave in recent days.
Analysts eyeing the $40 to $50 accumulation band
Some analysts see the current weakness as not just a signal for further declines, but also as a potential accumulation zone. The $40 to $50 region, they suggest, could become an important area where buyers start to rebuild positions. Should this band hold and a sustainable base form, broader recovery scenarios could return to play.
Meanwhile, the SOL/BTC pair is drawing close attention. Even though Solana’s performance against Bitcoin remains weak, the prolonged decline is said to be approaching a significant support area. Preserving this zone could be one of the first signs of a relative bottom for Solana.
Hourly chart breaks trendline, but caution remains
Another notable short-term development is the upward break of the downward trendline on the hourly chart. This setup could signal that the recent selloff’s momentum is slowing. Yet, analysts stress that confirmation requires SOL to hold above the broken trendline and avoid slipping back below the $62 to $63 range.
If buyers manage to keep control, targets at $68, $70, and later $76 will be closely monitored in the market. Conversely, a loss of the $60 support could put the spotlight back on the $55 to $58 lower support band as the next potential zone for a pullback.
