Solana (SOL) price has bounced within its range after weeks of volatility, with buying activity suggesting optimism about a potential recovery. Market data now indicates that momentum is leaning toward a rebound.
Solana Is Looking At Rebound
On the 4-hour chart, Solana is forming a rising channel pattern, which has been repeatedly tested over the past three months. The latest dip touched the lower trend line again, keeping the structure intact. This setup strengthens the case for a bounce as technical conditions align with investor sentiment.
The RSI is also in the oversold zone, signaling saturating bearish momentum. Historically, oversold conditions tend to precede reversals as sellers lose steam and buyers step in. If this trend holds, SOL could rally from its current level, reinforcing confidence in the rising channel pattern.
The exchange net position change shows that the recent sell-off was driven by panic selling rather than strategic distribution. Short-term volatility triggered investors to dump tokens quickly, but the broader outlook reveals strong absorption of this selling pressure. This indicates that confidence in Solana remains resilient despite the decline.
In fact, over the last 48 hours, nearly 1.5 million SOL worth more than $315 million has been accumulated. Such significant buying suggests that large holders and institutions remain optimistic about Solana’s long-term prospects. This buying spree has injected strength into SOL’s outlook, limiting the downside risk.
SOL Price Has A Positive Future
Solana’s price is trading at $210, holding above key support at $206. With broader market stabilization and rising inflows, SOL is expected to defend the $200 level and maintain a steady upward trajectory.
If momentum holds, Solana could breach the $214 barrier soon and flip $221 into support. This would open the door for a move toward $232, giving SOL the momentum needed to extend gains.
However, if the market turns risk-averse again, SOL may slip through the $206 support. In that case, the token could be revisited at $200 or lower. This would invalidate the current bullish structure and extend short-term downside pressure.
