Solana (SOL) recently rebounded from around $64, briefly touched $72, gaining about 14%, and reclaimed a key integer level. The main drivers of this rally are improved macro risk appetite and on-chain derivatives short covering, while daily trading volume of tokenized equities on the Solana network exceeded $113 million, adding narrative heat, and futures funding rates turned positive, indicating short-term sentiment recovery.

However, note the fundamental divergence: Solana's on-chain TVL has declined about 11% in recent months, weekly DEX trading volume dropped from a February peak of $30 billion to about $10 billion, on-chain protocol revenue has fallen back to late 2023 lows, and ecosystem activity has not yet rebounded in sync with price. Technically, SOL has broken above the 21-day moving average and formed a higher low. If it holds above the $70–$72 support zone, it may test $80–$82 resistance in the short term; conversely, if it breaks below $70 with volume, be wary of a retest of $64–$61.

Operationally, the current rebound contains more sentiment and short covering elements, not a confirmation of a strong trend reversal. Spot holders should watch the defense of $70 and whether on-chain TVL and active addresses follow up; short-term traders should strictly control positions and beware of false breakouts. Cryptocurrencies are highly volatile; the above is for reference only and does not constitute investment advice.