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Market Direction

SOL tests $143 support with $162 breakout in focus

Published: Oct 14, 2024
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Solana price tests $143 support while targeting $162 resistance. Can SOL break higher or stay range-bound? See today’s analysis and predictions.

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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.


  • SOL's Open Interest has increased slightly, whilst Funding Rates have decreased slightly.
  • The price has likely moved higher due to a small spot bid, as shown in the slightly increasing CVD.
  • Ultimately, from a mechanics viewpoint there are some slight changes here but not enough that they should be market moving.
SOL mechanics: 5. SOLUSDT 4-hour chart displaying funding rates, open interest, cumulative volume, and aggregated spot volume delta with upward price movement.

Technical analysis

  • Price has recovered back above the main downtrend line and it has now also more convincingly broken above the horizontal level of $143.
  • On the upside, $162 remains the key horizontal resistance from which the price can break out. A breakout of $162 would most likely ignite full bull mode.
  • To the downside, there are a lot of supports, with the local horizontal support at $143 and the main support at $131.
  • SOL's RSI expectedly remains in the middle territory and not yet close to overbought territory.
6. SOLUSDT daily chart showing downtrend resistance, key support levels, and RSI analysis for potential breakout above resistance.
  • Next Support: $143
  • Next Resistance: $162
  • Direction: Neutral/Bullish
  • Upside Target: $162
  • Downside Target: $143

Cryptonary's take

It's possible that SOL can continue to grind higher over the coming days and retest $162. However, we're unsure that there will be enough strength in the short-term for price to comfortably clear above $162. We therefore expect price to be range bound between $143 and $162 this week. More of the same really.

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