$220-$260 range critical for SOL

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• SOL was much less affected by yesterday's leverage flush out, seeing Open Interest only fall by approximately 5%.
• The Funding Rate did pull back more significantly, though, from 0.07% to 0.02%. So some late Longs were flushed out/closed out; it just wasn't a violent move.

SOL funding rate:

Technical analysis

• SOL has attempted a breakout from the descending wedge. However, the price has been rejected to the $ 240s for now.
• Price has remained above the key horizontal support of $220, having also used it and bounced from it a number of times already.
• If the price were to fall below $220, we'd expect aggressive bids to step in between $200 to $220.
• To the upside, $250 to $260 remains the key resistance zone for the price to overcome.
• The RSI is down to middle territory at 53, so there is a lot of possible upside to be had.

• Next Support: $220
• Next Resistance: $260
• Direction: Neutral/Bullish
• Upside Target: $260 (then $300)
• Downside Target: $210 - $220

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Cryptonary's take

Overall, SOL looks good here, and despite the price recently rejecting into the $250 area, we do expect it's just a matter of time until the price breaks out of its all-time highs and heads to $300.

For now, we remain in Spot as we think there may be a few more days of range-bound action as the market shakes off yesterday's flush out. We do expect that SOL could break down all-time highs, potentially as soon as within the next 7-10 days.