Positioning is balanced, but OI is at highs, last seen in April 2022. A flush out on the cards means - price down.
TLDR
- SOL breaks its main uptrend, risking a pullback to $56 and possibly $52.
- Local support at $59 is crucial; failure could trigger a significant downward move.
- Open Interest remains high, hinting at a potential market flush-out.
- We will be waiting and ready to DCA into SOL at the $52 area.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results. “One Glance” by Cryptonary sometimes uses the RR trading tool to help you quickly understand our analysis. They are not signals, and they are not financial advice.
SOL 12hr
Technical analysis
- SOL has broken below its horizontal support of $61 and is now beneath its main uptrend line.
- If the local level of $59 cannot hold, this would open the door for a more significant move lower.
- $56 is a significant support, but if price breaks below this level, then $52 is the next support.
- $52 would be a great level to DCA further into SOL.
Market mechanics
- Open Interest remains close to its local highs at $983m, down from $993m.
- The OI-Weighted Funding Rate has reset to more neutral levels of 0.012%. This is a big move down from yesterday’s levels of 0.080%. This means Longs and Shorts are in a much more even balance.
Cryptonary’s take
Open Interest remains high and is likely due for a flush out, but positioning is now more even between Longs and Shorts. So, we then look at the technicals. The chart suggests more downside for price, particularly if price breaks $59 to the downside. This would then mean that Longs would likely be flushed out, which would reduce the Open Interest.We expect more downside for SOL here, particularly if BTC cannot break higher. We would be DCA buyers of SOL at $52 if the market gives us this price.
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