SOL has lost its uptrend, will this lead to more downside?

The Open Interest is still high at $800m but has pulled back from $1.1b. 

However, the TA suggests we may see further downside. 

Technical analysis

• The uptrend has been lost, but SOL has done this before and has then been able to recover it quickly.
• There are local supports at $65 and $61, with the more major horizontal support at $56.
• $77 to $81 is a main horizontal resistance range.
• The RSI has reset on the 12hr and the 1D; however, the 3D and the Weekly remain overbought, particularly the Weekly. This likely needs to see a further reset.

Cryptonary's take

A more substantial pullback would reset some of the larger timeframes, which would be healthy for SOL mid and long-term. 

We may see SOL in the coming month or two back at $61, if not $56. If this happens, it will then hammer out $56 to $61 as a new long-term support range. 

If SOL reaches $61, we would add light DCA orders, with these orders becoming more aggressive in USD size down to $52 if we get a pullback that's further than expected.