SOL targets $300 after $270 break

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 (by the number of coins) has declined over the last week.
• However, the increase in price has been driven by significant Spot buys, which is very positive and may suggest that a Spot ETF might be approved.
• SOL's Funding Rate is at 0.01%, indicating that there's a relatively healthy balance between Longs and Shorts.

SOL's open interest (by number of coins):

Technical analysis

• SOL is in a really interesting spot here, having exploded higher and then pulled back from the all-time highs of around $300.
• We're now seeing a bullish pennant form into a horizontal resistance, with the price now attempting to break out above it.
• The horizontal resistance for the price to clear above is $263 - $270.
• In terms of downside, $220 to $230 has acted as support, and we'd expect it to continue to do so going forward.
• The RSI is very close to overbought territory, and a new price high would put in the bearish divergence into that overbought territory. However, if this is down to a Spot ETF being approved, then a breakout would have more legs.

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• Next Support: $220
• Next Resistance: $260 (then $300)Direction: Neutral/Bullish
• Upside Target: $300
• Downside Target: $220

Cryptonary's take

Other than BTC, SOL is the coin that has shown real strength compared to all the rest. Now, this may be due to a potential ETF approval today, although this was widely unexpected just a handful of weeks ago.

We expect SOL to hold its lows, and if the price dips to $200 to $220, that would be attractive enough to us that we'd add to our SOL bags. If an ETF is approved today, then expect a more significant breakout. $300 likely being the target.