Solana (SOL) Price: SOL Just Bounced Off $60 — Here’s the Level Bulls Must Reclaim Now

TLDR

• SOL bounced from $60 and is trading around $64.85, up over 5% in 24 hours
• An unknown wallet moved 1.35 million SOL ($84 million) to Coinbase Institutional, adding supply pressure
• Exchange inflows exceeded outflows by $9.56 million, pointing to increased selling supply
• Monthly RSI is more oversold than during the 2022 FTX crash, with eight straight red monthly candles
• The $70–$76 zone is the key resistance; failure there could push SOL toward $55–$58

Solana is trading near $64.85 after bouncing from the $60 region, posting a gain of over 5% in the last 24 hours. That bounce followed one of the sharpest downside moves SOL has seen in recent months.

The recovery comes after Solana broke below the $78.50 range floor, a level that had held for several months. Once that support gave way, price slid toward $62.32 and briefly traded around $64.42.

The RSI dropped to 22.41 during the sell-off, pushing the indicator deep into oversold territory. On the monthly chart, the RSI is now more oversold than it was during the 2022 FTX crash, when SOL fell to around $8.

Solana has now printed eight consecutive red monthly candles — the first time that has happened in the asset’s history. Analyst Ash Crypto noted that SOL recently hit a three-year low near $60 and is down more than 80% from its all-time high.

Whale Move Adds Supply Pressure

An unknown wallet transferred 1.35 million SOL, worth roughly $84 million, to Coinbase Institutional. While the transfer did not confirm immediate selling intent, it added potential supply to exchange-linked platforms at a sensitive moment.

Exchange flow data from CoinGlass backed up the concern. Spot inflows reached $48.32 million against outflows of $38.76 million, leaving a net positive flow of $9.56 million toward exchanges. More SOL moving to exchanges than away is generally associated with selling pressure.

Analyst Daan Crypto noted on X that SOL delivered the expected 20–30% move after breaking out of a three-month compression range. He said the result of a long consolidation break is “usually pretty large,” and that SOL is now retesting a key weekly level. He called it “the last major one for a while,” adding that bulls need to start reclaiming levels above.

Derivatives Traders Stay Active

Open Interest in Solana futures rose 7.87% to $4.50 billion, showing that traders continued adding positions despite the price drop. That signals market participants still expect large price moves ahead.

Key Levels to Watch

The $70–$76 zone is now the most important area on the chart. If SOL can reclaim that range, it opens the door to further recovery. If it fails, analysts point to $55–$58 as the next downside target.

On the 1-hour chart, SOL has broken above a descending trendline, which is an early sign that short-term selling pressure may be easing. Bulls need to hold above $62–$63 to keep that signal valid.

Open Interest stood at $4.50 billion as of the latest data, with RSI showing early signs of stabilizing from recent lows.

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