Solana rebounds from $60 support to test $70 resistance

Solana has bounced back decisively from the strong demand area near $60 and is now fighting to reclaim key support levels. Market attention has shifted to the critical technical threshold around $67 and the short-term resistance near $70. According to analysts, how SOL behaves in this zone will play a pivotal role in determining whether the recovery gains momentum.Key level at $67 in focusEyes on $70 level and FOMC meeting Key level at $67 in focusAnalyst Daan Crypto Trades highlights that SOL/USDT is working to reestablish itself above $67, a level that previously marked the low in February. After recently dipping to its $60 support, Solana’s rebound has brought the short-term market structure to a significant turning point.The analysis points to $60 as Solana’s last major support on the weekly chart, where buyers managed to halt the slide. In contrast, $67 is described as the most immediate battleground for the direction of the asset.Securing $67 and holding above it is seen as one of the first signs that the local market structure in Solana may be shifting back in favor of buyers.If this scenario plays out, it could open the door for a retest of higher weekly resistance levels around $79 and $95. However, experts stress that the current recovery has yet to be confirmed. If momentum fails to hold above $67, the recent rally could lose steam, making another drop to $60 more likely. Eyes on $70 level and FOMC meetingMatthew Dixon notes that, on the SOL/USD four-hour chart, price action is approaching the short-term target zone near $70. This level has gained extra significance, as it coincides with the upcoming FOMC meeting, where the US Federal Reserve is set to announce its monetary policy decisions.Glossary: FOMC refers to the Federal Open Market Committee within the US Federal Reserve, which sets key monetary policy measures including interest rates and the balance sheet. Markets closely monitor messaging from these meetings to gauge the direction of risk assets.Dixon points out that any signals of tighter monetary policy from the Fed, and the market pricing in the possibility of higher rates, could place pressure on risky assets. Solana’s chart shows a recovery from the $60 region, surpassing several Fibonacci levels; it is now testing the $68 to $70 range.Furthermore, the RSI indicator has rebounded from oversold territory and is moving toward a region of stronger momentum. Despite this, the analyst maintains that a true bottom in Solana could still form around October. Until there is a solid breakout and sustained momentum, this move is seen as a short-term relief rally.The central question for the market now is whether Solana can reach and decisively break above the $70 zone to deepen its recovery—or whether macroeconomic pressure from the FOMC will cap this move.Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.