SOL resistance at $222 and $245

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• SOL's Open Interest has also ramped back up to its prior highs despite the leverage flush out a week ago.
• The Funding Rate is back to the healthy level of 0.01%. This is positive.

SOL's open interest:

Technical analysis

• SOL is currently in a downtrending channel, which usually does have a large breakout to the upside, assuming there is a breakout.
• Price has seemingly lost the horizontal support at $222, and price now finds itself in the lower range between $203 and $222. However, we don't necessarily see this as a bad thing.
• In terms of resistance, $222 is the first, and then it's $245. We'd also be looking for a breakout of the downtrend line (top border of the channel.
• On the downside, $203 is the main horizontal line for the price to hold.
• The RSI has also meaningfully reset to middle territory, although there aren't any divergences forming.

• Next Support: $203
• Next Resistance: $222 (then $245)
• Direction: Neutral
• Upside Target: $245
• Downside Target: $203

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Cryptonary's take

SOL has taken a breather here for the last month, but that's all we see it as, just taking a breather. We're looking at $203 to $222 as the zone where the price likely locally bottoms.

We remain really positive on SOL and expect it to get back to all-time highs in the coming month or two. In the immediate term, we expect the price to just remain range-bound, likely between $203 and $222, before breaking out at a later date.