After hitting a low of $60, Solana (SOL) is once again recovering and rising, although bears still dominate the macro trend. However, Solana’s price recovery from the $60 support level is quite significant when it is viewed in terms of Bitcoin prices.
Solana (SOL) is currently establishing a new uptrend after bottoming out at $60. The coin ended its consolidation phase back in May after hitting $95. When the traders saw SOL hitting values above $90, they saw the chance to take profits. As such, there was a giant sell-off at the price level, and SOL crashed down to $60 in just a couple of weeks. However, after hitting $60, the price has started to reverse.
Even the relative strength index indicator, which measures the strength of the trend, shows that SOL’s rally is remarkable and forceful. The uptrend is so strong that it was able to dismantle the SOL/BTC downtrend channel that was forming since the beginning of 2026.
Now that Solana has broken above the upper trendline of the downward channel, it needs to establish its breakout with volume. According to Ardi, the analyst, SOL could still have some downside left on its USDT chart, but if it can hold above this breakout structure on SOL/BTC despite the SOL/USDT retracing, there could be a strong case for a bullish market. So how far can Solana fall if it has downside left?
As shown in the chart above, if Solana crashes further, there is a high chance that it could lose the $60 support level. However, this should not be a problem with the SOL/BTC pair, as this short price fall could be negligible.
In addition to that, Solana’s on-chain metrics look solid as the network processed the highest number of transactions within the last 7 days. The chain processed over $500 million worth of transactions, while Aptos which is the second-highest chain, was nowhere close to Solana $135 million transactions
