SOL targets $300 amid bullish momentum

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 is at all-time highs on both USD value and the number of coins. There is a lot of leverage built up here.
• SOL's Funding Rate has also kicked up again over the last 24 hours. This indicates that there is a bias to be Long, with Longs being over-levered here.

SOL open interest:

Technical analysis

• SOL broke out perfectly from the bull pennant, having used the $203 horizontal support as a floor to go higher.
• SOL initially printed a bearish divergence; however, that has now been invalidated. But, the RSI remains in very overbought territory.
• We would expect the area between $220 and $230 to act as a new support zone for the price, assuming there is a pullback.
• Resistance is likely to remain at an all-time high between $255 and $260.

Stay updated on Solana price prediction—explore our full analysis for the latest market insights.

• Next Support: $220 - $230
• Next Resistance: $260
• Direction: Neutral
• Upside Target: $300
• Downside Target: $220 - $230

Cryptonary's take

Overall, the move-up is really nice, and we do expect it to continue over the coming weeks/months. However, in the short term, the market is overbought, and therefore, we are potentially expecting a pullback. And for SOL, that might look something like the $220 - $230 area. But, even if we're right in calling for a short-term pullback, we wouldn't be looking to sell here. Our SOL sell targets are much higher. Let's get SOL to $400, and then we'll reassess the sell targets. For now, we're expecting the zoomed-out uptrend to continue.