SOL testing $215 resistance soon

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• SOL's Funding Rate also remains flat/healthy at just 0.01%. This is good to see with SOL, which is near $200, and there doesn't look to be any excessive leverage built up.
• SOL's Open Interest (in USD terms rather than by a number of coins) has pulled back from approximately $6.0b to $4.5b in just a few weeks. This is a meaningful pullback, and it means that any excesses have been flushed out on what is a mere 30% pullback from the highs seen in the $250's. Good to see all around.

SOL's open interest (in USD terms):

Technical analysis

• SOL broke below the key range between $200 and $220, finally finding support in the late $170's. This isn't a move we expected. However, it did meaningfully reset a handful of the indicators, with the RSI even breaching into oversold territory on the Daily timeframe.
• The price has now spent some time being in a range bound between $180 and $200 and forming a pennant-like pattern, although it isn't the most accurate pennant.
• The RSI has moved off of oversold territory, and it's now broken above its moving average. This may help send the price higher.

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• Next Support: $180
• Next Resistance: $200
• Direction: Neutral (Bullish)
• Upside Target: $215
• Downside Target: $180

Cryptonary's take

We're expecting the price to move to $205, potentially $215, and that'll be the crucial testing point to see if the price can reclaim higher levels. In the short-term, we think we can see a breakout to $215, but we're not sure we get much more than that in the coming week.