Foreign media reports that while Solana has rebounded somewhat from its weekly lows recently, the price remains around $70 and has failed to break through $72. The article argues that significant resistance remains at this stage, and the positioning structure and sentiment indicators in the derivatives market do not suggest a trend reversal.
$75.95 remains a near-term resistance level.
As of press time, SOL was trading at approximately $71.26, having slightly retreated in the past 24 hours but rebounding by about 10% over the past week. However, the price has mainly fluctuated between $70.69 and $74.24 over the past day, without yet establishing a clear direction.
The article notes that SOL has only recently regained its position above the 10-day exponential moving average, while the 20-day, 50-day, 100-day, and 200-day moving averages remain above the current price. This suggests that selling pressure from above has not yet eased significantly during the rebound.
According to the analysis in the article, $75.95 is the most immediate resistance level. If the price breaks through this level, the next resistance level may be $83.32.
$62.40 is a key support level below.
On the downside, $62.40 is considered a relatively clear structural support level. The article argues that a break below this level could trigger a deeper correction in SOL, potentially leading to increased selling pressure.
Compared to the price range itself, momentum indicators suggest the market remains hesitant. The daily RSI is around 44.38, in the neutral zone, indicating that the short-term direction is unclear. The weekly RSI has dropped to around 33.07, approaching the oversold zone, indicating that selling pressure persists over a longer period, but also suggesting that there may be some room for recovery later.
Derivatives positions and sentiment remain bearish.
The article also noted that overall market risk appetite remains weak. The Fear & Greed Index is around 15, in the "extreme fear" range, which typically reflects a defensive bias and limited willingness to chase rising prices.
Derivatives data also supports this assessment. Recently, funding rates have remained in negative territory, short positions have increased relative to long positions, and the long-short ratio is below equilibrium, indicating that traders are still prioritizing downside protection rather than continuously betting on upward movement.
While institutional funds are not entirely absent—the article mentions that the Solana ETF recently saw a small inflow of over $1 million—this amount is insufficient to offset the short positions in the derivatives market. Therefore, the article concludes that SOL remains in a phase of weak rebound and uncertain direction in the short term.
