$SOL continues to trade under pressure after a prolonged downtrend from the $98 peak. The daily chart shows a clear sequence of lower highs and lower lows, confirming that sellers remain in control of the broader market structure. Currently trading near $64, Solana is attempting to establish a short-term bottom after reaching a local low around $60.
The recent recovery has been modest but important. Buyers stepped in near major support, preventing a deeper breakdown and creating a temporary stabilization phase. Volume expanded during the selloff, indicating strong market participation and a potential capitulation event that often appears near important turning points.
Despite the bounce, SOL remains below its major moving averages, with the MA20 still trending downward. This means bulls have more work to do before claiming a true trend reversal. The first key resistance sits near $67-$70, followed by the stronger $75-$80 zone. Reclaiming these levels would improve sentiment significantly.
Support remains concentrated around $60. A clean hold above this area could encourage further accumulation and a gradual recovery. However, losing this support would expose the market to another wave of selling pressure.
For now, SOL appears to be transitioning from panic selling into consolidation. Traders should closely watch volume and price behavior around support levels. A successful base formation here could become the foundation for the next bullish expansion phase once overall market conditions improve.
