Solana Rebounds 3.38% as SPCX Launch Ignites Buying Pressure

Solana (SOL) price has rebounded 3.38% to $67.73, extending weekly gains above 4%. The recovery follows a steep drop from its May high near $96 to a June low around $61.

The decline triggered over $89 million in long liquidations as leveraged positions were closed out. Retail traders entered June with a bullish bias, which left the market exposed when SOL broke below the $76 support zone.

Large holders also reduced exposure during the decline, adding selling pressure. The launch of SPCX, a tokenized asset backed by SpaceX shares on Solana via Backpack and Sunrise, adds another real-world asset use case to the network.

Analyst Crypto Patel pointed out that SOL is currently trading in the 0.5-0.618 Fibonacci retracement zone, the same range it occupied before a 2,200% rally in a prior cycle.