Solana showed signs of recovery after one of the sharpest declines in recent months. According to market data, SOL is trading around $64.85 following a reaction from the $60 region. The 5.39% increase recorded in the last 24 hours showed that buyers were trying to get involved again after intense selling pressure.
In the short term, $60 support came to the fore
Price action has indicated that the $60 level has become an important psychological support in the short term. If this region is maintained, a new attempt may be made for SOL towards $70 and then $76. On the other hand, if the increase in reaction weakens, it is possible that this will be considered only as a temporary recovery after the harsh sales in the market.
The charts shared by analysts revealed that the reaction in Solana around $60 provided relief in the short term, but the risk of decline was not completely eliminated as long as the $70 to $76 range was not exceeded.
The short-term negative scenario is not off the table yet. Some analysts monitoring the market have stated that SOL may react downward once again after retesting the support area it broke. Therefore, the $70 to $76 range stands out as a critical resistance zone in the current outlook.
| Level | Importance |
|---|---|
| 60 dollars | First major support zone |
| 70 to 76 dollars | First strong recovery test |
| 55 to 58 dollars | The lower support area monitored in the new sell |
Overselling drew attention in the monthly outlook
In the wider time frame, the picture points to a sharper deterioration. According to evaluations shared in the market, SOL recently hit one of the lowest levels in the last three years, around $60. Additionally, the asset has fallen more than 80% from its all-time high, creating eight consecutive monthly bearish candles for the first time in its history.
It was noted that the monthly RSI indicator has fallen into an oversold zone, even weaker than the levels seen during the FTX crash in 2022. RSI is a technical indicator that measures the speed and strength of price movement; In general, the oversold zone refers to periods when sales are unusually intense.
Mini dictionary: RSI is the technical indicator known as the Relative Strength Index. It is used to measure whether price action is approaching the overbought or oversold zone.
Although the oversold seen on the monthly chart does not necessarily mean that the bottom level has been finalized, it does show that the last selling wave has reached extraordinary levels.
Analysts are also watching the $40 to $50 band
Some market commentators consider the current weakness not only as a bearish signal but also as a possible accumulation area. Accordingly, the $40 to $50 range is viewed as an important region where buyers can re-establish positions. If this band is maintained and a permanent base is formed here, broader recovery scenarios may come to the fore again.
On the other hand, SOL/BTC parity is also followed closely. Although Solana’s performance against Bitcoin still seems weak, it is reported that it is approaching an important support area after a long-term decline. The preservation of this zone may be one of the first signals of a relative bottom formation for Solana.
Even though a breakdown is observed on the hourly chart, caution continues
Another notable development in the short-term outlook was the upward break of the downward trend line on the hourly chart. This structure may indicate that the downward momentum has begun to slow down after the last sharp decline. However, for this signal to gain strength, the price must remain above the broken line and not fall below the 62-63 dollar band again.
If buyers maintain control, the market will see $68, $70 and then $76 levels. On the other hand, if the $60 support is lost, the risk of a new retreat towards the $55-$58 band remains on the agenda.
