SOL leverages $203 support, targets $236

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• SOL's Funding Rate is at 0.0050%, which means there's more of a Short build-up in the leverage in comparison to BTC and ETH. The funding rate is still positive, though.
• SOL's Open Interest has also now soared to new highs. Interesting. Again, there's a lot of leverage, but positioning is relatively evenly balanced. This opens the door to one side being blown out. If the price goes higher, Shorts will be blown out, and we may see a price squeeze higher.

SOL open interest (by number of coins):

Technical analysis

• SOL has broken out of the main downtrend line really cleanly.
• The price is now butting into the main horizontal resistance line at $222, and we'll be looking for a clean break at this level.
• The price is now in this higher range, between $203 and $222, so a breakout would be fantastic. If the price were to be rejected at $222, this wouldn't be too bad as long as the price holds the local low at $211.
• The major horizontal support now is at $2023.
• Beyond $222, the next horizontal resistance is at $236.
• The RSI has broken up from the lows and is now well above its moving average. It's also printing at 59, which is quite a bit shy of overbought territory. This, therefore, has likely more room to run higher in the short term.

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• Next Support: $203
• Next Resistance: $222
• Direction: Neutral (Bullish)
• Upside Target: $236
• Downside Target:$203

Cryptonary's take

Again, this is another move we called for in the last Market Direction for SOL. We probably didn't expect as much as this so soon, so really, that emphasises how good and strong this move higher is so far. If BTC keeps running, then SOL likely follows and breaks through $222 and sends to $236. However, if there is a consolidation for a few more days below $222, we wouldn't worry about this, and we'd still expect a breakout to come, just to come slightly later on.