Solana price has been moving higher over the past 24 hours, but a large transfer of $SOL into trading platforms raised caution among traders watching whether the rebound can hold above short-term support.
At press time, $SOL price was up 3.58% to $71.64 as buyers kept the token above the $71 level. Concurrent with the rally, the market capitalization increased 3.6% to $41.57 billion, while 24-hour trading volume declined 4.32% to $1.78 billion, showing that the price recovery came with weaker trading activity.
The latest move followed a sharp decline from the $80 to $84 region, where $SOL previously lost support before falling toward the $60 to $64 area. The token has since recovered from the lower Bollinger Band region and moved back above the 20-day moving average, which now sits near $69.34.
Solana Holds $71 as Exchange Inflows Rise
Crypto analyst Ali Martinez said 600,000 $SOL were recently deposited into trading platforms. Large exchange inflows are often watched because they can show that holders are moving tokens from private wallets to venues where they may sell, hedge, or reposition.
The transfer does not confirm immediate selling, but it adds caution around current price levels. When large amounts of liquid supply reach exchanges during a price rebound, traders often monitor whether the market can absorb potential sell-side pressure without losing support.
Source: X
Solana’s current recovery remains intact as long as the $SOL price holds above the $69.34 area, which aligns with the Bollinger Band basis and the 20-day moving average. A breakdown below that level could weaken short-term momentum and return attention to $64, followed by the lower band near $60.49.
The exchange inflow also comes as $SOL attempts to repair damage from its recent breakdown. The move above $71 gives buyers short-term control, but the decline in trading volume suggests that the rebound still needs stronger participation to confirm a durable shift.
Analyst Watch $50 to $60 Accumulation Zone
Some analysts are watching the $50 to $60 region as a potential accumulation area if Solana faces another drawdown. Martinez said a flush toward $50 could absorb short-term panic and create a healthier base before a later expansion.
Another market analyst, Ardi, compared the current cycle with Solana’s previous bear market. He noted that $SOL fell from about $260 to near $8 during the last cycle, although the final move lower was distorted by the FTX collapse and related liquidations.
Before that event, $SOL had already lost roughly 90% of its value. Using a compressed drawdown model based on how Bitcoin and Ethereum corrections have moderated over time, the analyst said an 80% to 85% decline from $SOL’s recent cycle high near $295 would place the token around $45 to $60.
That range overlaps with the lower acceptance cloud cited in the analysis, which is being watched as a possible cycle-bottom region. The analyst said the weekly support area just above $50 would become more attractive if $SOL fails to hold the $60 region.
$SOL Price Recovery is Still Unconfirmed
With Solana trading around $71.62 on the daily chart, up 2.78% for the session, buyers are trying to extend the rebound from the lower Bollinger Band zone. The chart shows that $SOL found support near $60.49 before recovering above the midline.
According to the 24-hour chart, the immediate resistance now sits near $74 to $76, where recent candles have stalled. A breakout above that range could open a move toward the upper Bollinger Band near $78.19, while a stronger recovery would bring the $80 to $84 breakdown zone back into focus.
Source: TradingView
The RSI stood at 46.71, recovering from oversold conditions but still below the neutral 50 level. This reading shows improving momentum, although buyers have not yet taken full control of the daily trend.
A move above 50 on the RSI would strengthen the short-term rebound case, while failure to clear $74 to $76 could leave $SOL vulnerable to another retest of support. The $69.34 level remains the first area traders are watching because it separates the current recovery from a renewed decline toward $64 and $60.
