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Solana price rebounds over 3% after defending a major support zone.
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Crypto analyst believes SOL may be entering an oversold accumulation zone.
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On-chain activity remains stable while liquidation data points to a key breakout level near $68–$69.
Solana may be flashing one of its biggest recovery signals in weeks. After a painful correction that wiped out bullish momentum across altcoins, SOL suddenly bounced more than 3%, just as traders started spotting signs of exhaustion in the selloff.
At the same time, analysts are pointing to oversold conditions, stable network activity, and positioning data that could support a stronger rebound if momentum returns. The market still looks cautious. But beneath the fear, the setup around Solana is quietly starting to change.
Why One Analyst Thinks Solana May Be Closer to a Bottom
A growing part of Solana’s recovery narrative is now being shaped by trader positioning and market structure rather than just price action. Crypto analyst Hardy recently argued that Solana may be quietly entering an attractive accumulation zone after weeks of aggressive downside pressure.
According to the analyst, the recent Bitcoin correction followed by a short-term recovery has created a difficult setup for most altcoins, especially as Bitcoin dominance continues climbing. In simple terms, capital has remained concentrated around Bitcoin, leaving many altcoins struggling to regain momentum. However, Hardy believes Solana may be one of the few exceptions.
The analyst pointed to SOL’s long-term chart structure, arguing that the asset already looks oversold after its latest correction and may be approaching a level where downside starts becoming limited. While broader market conditions remain uncertain, Hardy suggested Solana appears technically stronger than many altcoins that continue trading under pressure.
Hardy warned that a deeper correction toward the $33–$40 range cannot be ruled out completely. However, such a move would likely require Bitcoin to suffer another major breakdown, potentially toward the $50,000 level, combined with a much weaker overall market environment.The broader thesis is that Bitcoin may stay range-bound for some time, giving oversold assets like Solana room to stabilize and eventually recover if sentiment improves. That shift in outlook is one reason traders are beginning to pay closer attention to SOL after today’s rebound.
On-Chain Data Suggests Solana Is Holding Up Better Than Expected
Beyond the price recovery, blockchain data is beginning to tell a more constructive story. Active wallet addresses and development activity suggests Solana’s network remains relatively stable despite recent volatility. While SOL price came under heavy pressure during the correction, user participation did not collapse at the same pace, indicating the ecosystem is still showing resilience.
At the same time, development activity has remained active, signaling builders continue working on the network even during weaker market conditions. Historically, stronger networks tend to recover faster once broader market sentiment improves, especially when fundamentals remain intact during corrections.
SOL Bulls Face Their First Real Test
Solana is attempting to build support after weeks of selling pressure. SOL price recently defended the $64–$66 support zone, helping trigger today’s rebound. That region now remains the most important short-term level for bulls to protect.
Meanwhile, CoinGlass liquidation data shows dense leverage clusters building around the $68–$69 region. A decisive move above this level could trigger short liquidations and fuel stronger upside momentum as bearish traders get squeezed. However, if SOL fails to reclaim resistance, the recovery may lose momentum and keep the token trapped in a broader consolidation range.
