SOL tests $143 support with $162 breakout in focus

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 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:

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.

• 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.