Solana (SOL) has endured a brutal few weeks, plunging to around $60—its lowest since late 2023—and shedding 33% in a month. Yet beneath the surface, several indicators hint at a potential rebound. Crypto analyst Ali Martinez noted that the TD Sequential indicator has flashed a buy signal on SOL, suggesting a move toward $77 if momentum returns. The asset’s Relative Strength Index (RSI) on the daily chart recently dipped to approximately 15, an all-time low that typically signals an oversold condition ripe for a bounce. X user Henry added that a W-shaped recovery beyond $88 is possible if bulls reclaim $79.9, while warning that losing the $60 support could be devastating.
However, bearish clouds still loom. Many investors are shifting SOL to centralized exchanges, creating immediate selling pressure. Institutional appetite has also waned: spot SOL ETFs from Bitwise, Fidelity, Grayscale, Invesco and others saw outflows exceeding inflows this past week, forcing issuers to sell real SOL to back shares. Analyst Cyclop envisions a short-term drop to the $30–$40 range before a long-term run to $300 in a couple of years.
Separately, Solana’s network activity is booming, particularly in the real-world assets (RWAs) space. DeFi researcher Zensei reported that daily RWA transfer volume on Solana smashed its all-time high at over $1.49 billion, more than doubling the prior day’s figure. The preSPAX protocol dominated with more than $1 billion in transfers, underscoring surging demand for tokenized assets on the chain. Zensei also highlighted that the SOL/USDC pair racked up over $4.9 billion in 24-hour trading volume—six times the combined volume of the next nine SOL markets—cementing Solana as the leading venue for spot trading. Crypto Patel observed that SOL is now trading inside a key Fibonacci retracement zone (0.5–0.618) that preceded a 2,200% rally in the past, with accumulation support between $40 and $60. A sustained altcoin season, he argued, could eventually catapult SOL to $1,000.
