Solana has begun to show signs of strength after a sharp sell-off that dragged the price down to $62 to the support zone earlier this month. This level attracted strong buying interest, helping the token stage a rebound and stabilise above $70. At the same time, derivatives have begun to climb, suggesting traders are slowly stepping back into the market with fresh positions. While the price still faces a major resistance zone around $84, the current recovery hints that bullish momentum may be building.
If buyers manage to maintain control, the SOL price could be setting up for a stronger move toward higher resistance, beyond $90.
Solana Holds Recovery Structure After Defending Key Support
After a sharp sell-off from $78 to $61, the SOL price has been constantly forming higher highs and lows starting from $61, later at $67, $63 and finally reaching close to $75. This indicates the market structure is bullish, as the price is holding the ascending trend line, withstanding the interim bearish pressures. Buyers are defending higher prices as buy-side liquidity (BSL) is building between $74 and $75. Multiple high clusters have been formed here with equal highs & rejections, which can be considered as a strong local resistance acting as a magnet.
The daily chart shows that the price hasn’t reclaimed the major balance area near $86, the point of Control (POC). This is the strongest accepted price, as the highest volume has been traded around this range. Therefore, as long as the price stays below this range, the bias may remain weak. The volume profile suggests that the current price range is sitting in a thinner zone, near the low volume node (LVN), meaning there is low price acceptance at this range and, hence, the price could move fast from here.
On the other hand, Open interest collapsed hard during the dump, and now it is rising again. With the price and OI, both on the rise, this points towards a long liquidation while no fresh shorts are entering the platform. This usually happens near the local bottoms, and hence, a rebound can be expected if bulls hold the strength.
What’s Next? Will SOL Price Head Back to $100?
Solana price is defending the value area low (VAL) at $62.8 after a sharp liquidation-driven sell-off, while the rise in open interest alongside the recovery signals fresh bullish positioning. Therefore, if the price holds above $70 and reclaims $76, it could open the path to the POC at $86. With this, the possibility of a higher target of $100 or above may become realistic.
On the other hand, if the SOL price closes the monthly trade between $67 and $68, then it may likely visit $62.80, and if this breaks, a lower distribution could be imminent. As the quarterly close is on the horizon, holding above $70 could be extremely important for Solana to keep the bullish bias alive.