SOL battles $220-$260 resistance range

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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• SOL's Open Interest pulled back at the price lows, and it has been downtrending since, suggesting that the big move higher wiped out Shorts.
• SOL's current Funding Rate is negative, but only just, suggesting that there is more interest in Shorting than Longing.

SOL's open interest (by number of coins):

Technical analysis

• This SOL move higher looks similar to WIF's big move higher to $4.80 when it was listed on Coinbase, although that doesn't mean the same will happen.
• SOL has rejected $300, and it was unable to find support at the prior all-time high of $260.
• SOL has pulled back, and for now, support has been found in the $ 230s. There is a major horizontal support at $220 also.
• The RSI had moved into overbought territory, but it has since pulled back and reset on the price move back.

• Next Support: $220
• Next Resistance: $260
• Direction: Neutral
• Upside Target: $300
• Downside Target: $200

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Cryptonary's take

In the short term, it's possible that SOL needs to be range-bound for a while, likely between $220 and $260. This wouldn't necessarily be a bad thing building up a range just below all-time highs. It might set the breakout up for later. If there is a breakdown below $220, it's likely a good area to buy more SOL. However, a move into $200 would be the more attractive area if it were given.