SOL Bounces 2.65% While Bears Sharpen Knives Toward $50

Solana posted a 2.65% gain over the past 24 hours, with $SOL trading at $65.40 as daily volume climbed 25% to $2.98 billion. The rebound followed a breakdown below the multi-year $76.25 support level, a threshold that traders were watching to determine the next directional move. Technical analysts noted that the current price action resembled a relief bounce rather than a trend reversal, and a sustained move back above $76.25 would be required to invalidate the bearish setup. The Average Directional Index (ADX) climbed to 46, indicating that a strong trend remained in place.

On-chain activity added to the supply picture. Lookonchain reported that defunct FTX and Alameda Research unstaked 200,241 SOL valued at $12.99 million, a move historically associated with token distributions tied to creditor repayments. Separately, Solana treasury firm Forward Industries transferred 455,784 SOL worth $31.87 million to Coinbase Prime. Forward Industries had acquired 6.83 million SOL during 2025 at an average cost of $232.08, leaving its holdings deeply underwater at current prices.

Demand signals were mixed. Data from SoSoValue showed U.S. spot Solana Exchange-Traded Funds (ETFs) recorded $1.79 million in net inflows this week, even as derivatives traders leaned bearish. According to CoinGlass, $SOL's Long/Short Ratio fell to 0.99, reflecting a growing preference for short positions. Major liquidation levels sat at $64.40 and $65.80, with $27.49 million in long positions and $49.26 million in short positions clustered around those marks.

If $SOL remains below $76.25, technical projections pointed to a potential decline toward $50, representing a further 22% drop from the level cited at press time. Persistent selling pressure and the threat of additional token distributions kept the bearish bias intact across both spot and derivatives markets.