Solana Price Rebounds 15% After Crash, But On-Chain Data Questions Recovery

Solana's price sharply rebounded over 15% from its recent low of $67 after breaking down from a descending channel, pushing it toward $78. However, on-chain metrics indicate this recovery is driven primarily by short-term, speculative buyers, not strong long-term demand. Data shows the one-day to one-week cohort increased its supply share significantly, a pattern historically associated with quick sell-offs during weakness. Concurrently, long-term holders (155+ days) have continued to reduce their exposure, distributing approximately 17% of their holdings recently. This imbalance suggests weak conviction in the rally. For the recovery to be sustained, Solana must reclaim the key resistance level of $93; failure to do so leaves the price vulnerable to another leg lower, potentially testing the critical $67 support zone.

(Source：BeInCrypto)