Solana’s 30% Bounce Faces a Critical Test — Where Is the Price Headed Next?

Solana (SOL) experienced a sharp 30% recovery after finding strong support near $67 in early February, fueled by dip buying despite being inside a falling channel. On-chain data shows that while Money Flow Index (MFI) indicated early accumulation, long-term holders are returning cautiously, suggesting limited conviction.

Short-term holders have eased selling pressure, but their unrealized losses have decreased too quickly, which historically signals an unstable bottom if the price doesn't move higher soon. The current price action is consolidating between $80 and $96, making this range a crucial test for the rebound's sustainability.

If Solana breaks and holds above the key resistance at $96, it could target $116 and $148. However, a failure to reclaim $96, or a drop below the $80 support, risks retesting the major support zone near $67–$64, potentially leading to a 50% downside toward $41.

(Source：BeInCrypto)