Solana (SOL) is attempting to recover after a sharp sell-off, bouncing from the $60 region to trade near $64.85 with a 5% gain over 24 hours. Brave New Coin data shows that the $60 level is becoming a critical psychological support. If buyers defend this zone, SOL could target $70 and then $76, but failure may lead to a retest of support and a possible drop toward $55–$58.
The monthly chart reveals extreme oversold conditions: SOL hit a three-year low near $60, is down over 80% from its all-time high, and has printed eight consecutive red monthly candles for the first time in history. The monthly RSI is now more oversold than during the 2022 FTX crash, according to analyst Ash Crypto. Some traders view the $50–$40 range as a major accumulation zone with a potential recovery target near $175.
SOL/BTC remains weak but is approaching a long-term demand zone, which could signal a relative bottom. Meanwhile, a 1-hour descending trendline breakout gives short-term bulls momentum, with $68, $70, and $76 as upside levels. The overall setup mixes oversold extremes, support tests, and nascent breakouts, suggesting SOL may be entering a reset phase, though confirmation is still required.
