On SOL: bearish short term, bullish long-term

OI has reset from a peak of $1.45b down to now $881m, while Funding, like the rest of the market, is at 0.01%.

Technical analysis

• SOL is one of the more interesting plays here. The main support is the uptrend line now.
• There is a major horizontal support between $77 and $81.
• The main horizontal resistance is $117 now.
• The key level we are focusing on is the purple box. This box (range) will likely act as a resistance for price, if price is below it and moving up to it and a support for price if price is above it and moving down to it.
• For now, the purple box is likely to act as a resistance for price.
• The RSI on the 12hr and the 1D have both reset substantially. The 3D and the Weekly have reset also but are flirting on the border of overbought territory. This will likely need further resetting in the coming months.

Cryptonary's take

On the BTC ETF decision on Wednesday (assuming it will be Wednesday), SOL can probably move higher with the rest of the market. 

What should also be noted is that the $JUP airdrop is likely to be in the last week of January, so this can be a stimulus for SOL and the SOL ecosystem. 

However, in the medium term (the next few months), we see SOL lower, potentially down to $70, possibly even lower. 

• Next week or few weeks = higher prices. 
• In 1-2 months = lower prices.
•  In a year's time = well beyond all-time highs.