- SOL has surged by 5.02% over the past 24 hours.
- Solana could see a sustained recovery if it holds above $200.
After dropping to a low of $179, Solana [SOL] has made a moderate recovery to reach $220. However, the altcoin has retraced since then. In fact, as of this writing, Solana was trading at $206.
This marked a 5.02% increase on daily charts. Before these gains, SOl had been on a downward trajectory dropping by 14.12% on weekly charts.
With the recent price recovery, the altcoin has left analysts talking about a possible sustained recovery. Inasmuch, popular crypto analyst Man of Bitcoin has suggested a potential recovery citing Fibonacci wave 3.
Market sentiment suggests…
In his analysis, ManofBitcoin observed that Solana’s price is working on wave-3 to the upside.
Source: X
Usually, wave 3 is the most powerful and extended, often reaching 1.618x or even 2.618x the length of wave 1.
Therefore, if this uptrend holds, the realistic target for SOL would be $225. However, if the altcoin fails to hold, and loses momentum, wave three could fall off expectations resulting in a pullback.
Can Solana see a sustained recovery?
While the analysis provided above offers a promising outlook, it’s essential to countercheck other market indicators and determine what they suggest.
According to AMBCrypto’s analysis, Solana was gaining short-term upward momentum which could see the altcoin make some gains on its price charts.
Source: Coinalyze
For example, Solana’s Futures Basis has remained positive on Binance, and Kraken. When this remains positive, it implies that futures contracts are trading at a premium to the spot price.
This reflects bullish market sentiments with traders expecting prices to increase thus they pay a fee to hold their positions.
Source: Coinalyze
This bullishness is further confirmed as long position holders are dominating the market.
Coinalyze data shows that long positions comprise 76.42% of daily timeframes. When more traders are going long, it implies they anticipate prices to recover.
Source: Coinglass
Outflows have exceeded inflows, indicating more investors are withdrawing their SOL from exchanges than depositing.
With a negative Spot Netflow, it suggests traders are accumulating and storing them in private wallets, waiting for suitable conditions to reenter the market.
Read Solana’s [SOL] Price Prediction 2025–2026
Although Solana has declined over the past week, it’s not an isolated case since the wider crypto market has also experienced a dip.
If the market remains optimistic, we could see SOL reclaim $219 and then attempt a $223 breakout.
For this bullish outlook to hold, the altcoin must stay above $200. Conversely, a potential correction could see SOL drop below $200 again.
