SOL up 20% in three days

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 didn't take much of a dip, but it has kicked up again in the last 24 hours.
• SOL's funding rates are also at 0.01%, the same as those of BTC and ETH.
• This higher rebound has been Spot-driven so far.

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

Technical analysis

• SOL moved down and wicked into the tops of the old range in the $ 160s, although it was quickly bought up, and the price recovered really nicely.
• SOL did really well to recover the horizontal level of $203, and the price is now butting into the major horizontal resistance of $220.
• Going forward, we would expect $203 to be supported in the short term. If that level is lost, then that opens the door again to our bear case for the near term.
• One thing to watch here is the RSI, which is currently close to putting in a hidden bearish divergence.

Stay updated on Solana's price prediction. Explore our full analysis for the latest market insights.

• Next Support: $203
• Next Resistance: $222
• Direction: Neutral/Bullish
• Upside Target: $240
• Downside Target: $203

Cryptonary's take

Seeing the potential hidden bearish divergence, the butt up into the major horizontal resistance, and the fact that the price is up 20% in 3 days, it feels hard to FOMO in here (if I were looking for buys).

Again, SOL's price action will depend on the price next week. Ultimately, you want to see $203 held as support. A convincing breakout of $220 and SOL can really start pushing higher, especially if this is off the back of super bullish pro-crypto Executive Orders from Trump.