Solana (SOL) rebounded about 30 percent within two days after plunging in a sharp crypto market selloff on Feb. 6, but the possibility of further declines is still being raised.

BeInCrypto said SOL had fallen from Feb. 5 to as low as $67 before recovering to $88 on Feb. 7. The outlet said the rebound was more likely driven by short-term buying than strong long-term demand.

Past patterns show that when speculative money flows in strongly, similar recoveries often disappear quickly. Current indicators suggest Solana could be vulnerable to another drop if it fails to reclaim key levels.

On-chain data show Solana's rebound is being led mainly by short-term holders rather than long-term investors. The HODL Waves indicator, which groups wallets by holding period, showed the supply held by the 1-day to 1-week cohort rose to 6.08 percent from 4.49 percent between Feb. 5 and Feb. 6. This indicates speculative participation surged in a short period.

A similar pattern appeared at the end of last month. In late January, short-term holders accounted for about 5.26 percent of total supply, but by Jan. 31 their share fell to 4.38 percent as they sold on bearish sentiment. Over the same period, Solana's price fell about 17 percent to $105 from about $127.

At the same time, long-term holders continue to cut their positions. The Hodler Net Position Change indicator, which tracks long-term investors' holdings, fell to about 2.37 million SOL on Feb. 6 from about 2.87 million SOL on Feb. 4. That was a 17 percent decline in two days.

This behavior shows how quickly short-term buyers can exit when momentum fades. With the share now rising again, there is a risk the recent rebound could break if selling returns, the report warned.

BeInCrypto said the rebound would remain technically and structurally bearish until Solana recovers to around $93 and long-term cumulative returns and speculative activity cool. The outlet said a price rebound remains vulnerable to a sharp reversal under the current conditions.