SOL buy box at $120-$145

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 also continues to grind higher, indicating that there is a large build-up of leverage.
• SOL's funding rate is close to flat, at 0.00%, indicating there is an even balance between Longs and Shorts currently.

SOL's Open Interest (by number of coins):

Technical analysis

• SOL broke out of its main downtrend line, but the price was rejected at the horizontal level of $222. Price then broke below the horizontal level of $203, formed a bearish pennant and broke down again.
• Today, the price broke down to $170, but we've seen bidders step in and push the price back close to $180 currently. $178 is new local support for the price, with the major horizontal support beneath the current price at $162.
• The Yellow Buy Box is currently between $120 and $145. We will be majorly interested if SOL visits that area, although we're not expecting this in the immediate term.
• The RSI is at 37, which is just above overbought territory, although there is room to still go lower. A retest of 30 on the RSI would likely put in a bullish divergence (lower low in price, higher low on the oscillator). We'd potentially be buyers of this.

• Next Support: $162
• Next Resistance: $184 - $190
• Direction: Neutral
• Upside Target: $203
• Downside Target: $145 - $162

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Cryptonary's take

SOL has pulled back substantially. If the price moves below $162, we'll become interested in potentially adding to our bags. However, we'd prefer the Yellow Box for larger buys. In the immediate term, it's possible we get a move up to $184 before a further move. SOL is the more tricky one out of the majors here to call correctly. We're unsure of direction in the immediate term, but we do think prices can go lower in the coming month.