SOL upside target remains at $138

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 Funding Rate has turned negative over the last 12 hours, indicating that there is now a bias amongst traders to be Short rather than Long. However, it's worth noting that this can change quickly.
• SOL's Open Interest has been down only since the price's all-time high. This has been due mostly to the price of SOL going down. SOL's OI (by the number of coins) is up over the last few days though, indicating that there is still some appetite amongst traders to take on leverage.

SOL's funding rate:

Technical analysis

• From a TA perspective, SOL doesn't look too bad here.
• SOL is at the bottom of the range and the price is just above the major horizontal resistance of $120.
• The RSI has broken out of its downtrend line, whilst it's also sat on top of its moving average.
• SOL has now also put in a bullish divergence on the RSI (a lower low in price, into support by the way, and a higher low on the RSI).
• On the upside, the local resistance is at $137. Beyond that, it's $148 and $162.
• On the downside, so if the $120 level is lost, then $98 is the next key level of support.

• Next Support: $120
• Next Resistance: $138
• Direction: Neutral
• Upside Target: $138
• Downside Target: $98

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Cryptonary's take

SOL is at major support here, having also just put in a bullish divergence. This might help SOL to get a small relief bounce, especially if the S&P and the Nasdaq can also get a small relief bounce just simply due to them being close to oversold.

In the medium term, we do expect more downside, so that potentially does put us off Longing SOL here at $130 into say $137. A Long here would be a trade against the macro trend, which we believe, for now, is still down.