Solana may be down 34% year-to-date, but leveraged traders are still heavily betting on a rebound. Data shows a 2.4x imbalance in long positions, with over $300 million in long leverage compared to $127 million in shorts—suggesting strong bullish conviction despite recent price weakness.

This optimism is backed by both technical and on-chain signals. SOL is forming a bullish inverse head-and-shoulders pattern, while a major accumulation zone between $81–$82 (holding over 17 million SOL) is acting as strong support. However, risk remains high—if price drops below $78, a cascade of liquidations could quickly invalidate the bullish setup. For now, a breakout above $88 could open the path toward the $98 range, making the coming days critical for Solana’s next move.