Market Direction

Solana consolidates above support, Eyes $190 resistance

Published: Oct 22, 2024

Solana consolidates above $162 support, eyeing $190 resistance. Will it rally further or pull back? Explore today’s SOL forecast and analysis.

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 (measured by number of coins rather than USD value) is now well above the highs we saw back in March as SOL hit this cycle's price high.
SOL's funding rate is positive and currently at 0.01%; however, it is quite a bit high on fewer liquid exchanges. This suggests that there is a bias beginning to build up in Longing SOL.

SOL's open interest:

5. A graph showing SOLs price in yellow and open interest in green. Displays fluctuations and trends from December to October.

Technical analysis

A really nice move, and what we've waited the last few months for; a break out of the range.
Price has now broken above the key horizontal resistance of $162, having rejected there a number of times since early August.
Price has also pulled back slightly and retested $162 as new support, and so far, price is beginning to propel higher from that level; a good sign.
To the upside, $190 is the next major horizontal resistance.
On the downside, it's important we continue to see $162 act as new support. Beneath that, we'd expect $155 to provide ample support, although the main level is $143.
We do note that the RSI is close to overbought, so it's possible that the price will consolidate above $162 for a few more days before potentially pushing for a further move.

6. Chart showing SOL price trends, breaking key resistance levels, and RSI movements. Highlights major support zones and resistance.

Next Support: $162
Next Resistance: $190
Direction: Bullish
Upside Target: $190
Downside Target: $155

Cryptonary's take

Patience has paid off on this so far. We finally have a break out of the range, and it's on the upside (as we expected), above $162. It's possible that we will see some consolidation in the immediate term, but we do expect the price to grind higher and get to $190 in the coming weeks. Yes, even with the tricky situation of trading around this election.

We remain confident in Spot positions and we'd look to add between $131 and $150, although, we don't feel confident on price visiting those levels in the short or even medium term.

Send it.