Will SOL show real strength to break out above $81?

The Funding Rate has also increased to 0.023% - indicating a big bias to be Long. 

For now, this doesn't concern us; however, if Funding continues to increase, Longs will be vulnerable to a flush-out.

Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

Technical analysis

• SOL has again reclaimed its uptrend line, allowing for further bullish momentum.
• The main horizontal resistance is $81; a clean break above would be very bullish for SOL.
• The main horizontal support is a zone between $61 to $65. We would be light DCA buyers of SOL in this area.
• The RSI has reset on the 12hr and the 1D but remains overbought on the 3D and the Weekly.
• The 3D and Weekly timeframes have put in several bearish divergences. This suggests SOL needs a more meaningful reset at some point.

Cryptonary's take

Real strength is a break above $81 and for price to establish itself in a higher range.

What does concern us is that the horizontal resistance of $81 is still overhead. At the same time, several bearish divergences have built up on all major timeframes, with the 3D being the most concerning. 

We love SOL for the upcoming bull market in 2024/2025, but we wouldn't look to add to our bags at current prices. 

Instead, we'd look for a more meaningful pullback to add to our size, with the first target area of $61 to $65 to begin DCA'ing again - assuming price gives us the opportunity to do so in the coming month or two.