SOL range between $143 and $162

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 remains elevated despite the more than 10% price pullback.
• SOL's Funding Rate is also at 0.007% indicating that there is some Short interest despite the bias still being mostly Longs.

SOL's open interest:

Technical analysis

• SOL moved into its higher price range (between $180 and $190) and swiftly rejected from that level as profit-taking began on "Trump trade" assets.
• Price has since pulled back having broken below the local uptrend line and now testing the horizontal area of $162.
• So far, the low $ 160 has acted as support. If that area cannot hold then the price will be back into it's old range (between $143 and $162).
• A break below $160 and a Harris win could see the price retest the next two horizontal supports at $143 and then potentially as low as $131.
• To the upside, $162 is the level to reclaim, and beyond that $180. Very likely we see $180 tagged if Trump wins.
• The pullback from the $180's has more meaningfully reset the RSI which had put in a bearish divergence at the highs. The RSI has now pulled back to the middle territory of 47.

• Next Support: $143
• Next Resistance: $162
• Direction: Neutral
• Upside Target: $162
• Downside Target: $143

Cryptonary's take

We currently look at SOL as just playing between the ranges, with the wider range between $131 and $180 and $143 to $162 as the tighter range for price. The coming day's price action very likely depends on the election outcome. A Trump win likely sends the price to the top of the range, and a Harris win is the opposite. Ultimately, if it is a Trump win, then $160 for SOL will look cheap a month from now. Hard to call here, it comes down to Tuesday/Wednesday's Election.

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