Solana Buy Signal vs Bearish Structure: SOL Tests $65, Eyes $77 Resistance
Solana (SOL) shows a fresh TD Sequential buy signal across multiple timeframes after a sharp selloff. SOL trades near $65.36 on the daily chart, down 2.17% in the latest session. Momentum is weak: SOL is down 19.46% over seven days, 29.88% over 30 days, and 52.14% over 180 days.
Traders are watching for a rebound from oversold conditions. RSI is around 27, suggesting SOL is near oversold territory. If buyers defend the $60–$65 support zone, the next upside target highlighted is the $77 resistance cluster. Clearing $77 could open the path toward the higher $88.09 Fibonacci level, which would be a more meaningful signal for trend recovery.
Risk remains elevated because the broader chart is still bearish. The article notes SOL is far below the $88.09 Fibonacci boundary and remains inside a weak structure. A breakdown below $60 would likely invalidate the near-term setup and shift attention to downside areas near $55 and $50.
Positioning data is mixed but leans cautiously bullish. CoinGlass long/short ratios show traders leaning long (Binance SOL/USDT long/short 3.2955; OKX 2.69), and top accounts on Binance also show long bias. However, crowded longs can increase downside if SOL fails to reclaim $77.
Overall, this is a short-term bounce setup for SOL, but confirmation depends on holding $60–$65 and then defending $77.
Neutral
This news is a near-term bullish trigger for SOL (TD Sequential buy signal and RSI ~27 oversold conditions), but it sits inside a still-bearish broader structure. Traders can treat it as a potential rebound setup: support at $60–$65 is the key line to watch. If SOL holds that range, a move toward the $77 resistance cluster becomes the primary upside scenario.
However, the article stresses that SOL remains well below key Fibonacci levels (especially $88.09) and has large multi-horizon drawdowns. That means any bounce could be corrective rather than a sustained trend reversal. Derivatives positioning data shows longs are building, which can help lift price if the signal plays out—but crowded longs can also intensify selling if $77 fails.
In similar past market patterns, oversold indicators often produce quick bounces, but follow-through typically requires reclaiming major resistance levels. Here, confirmation would likely come from holding $60–$65 first, then breaking/maintaining above $77, and ideally $88.09 afterward.