Solana faces tight range as bulls battle

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 whilst Funding is now positive, suggesting that the increase in OI is Longs.
• We were seeing periods of negative Funding for SOL, suggesting that there was demand to shorten it. A sizeable amount of those Shorts have been squeezed or closed out, though now.

SOL's open interest (by USD value):

Technical analysis

• SOL has remained above its horizontal support of $162, but it's still finding resistance at the horizontal level of $184.
• Since the early April lows, SOL has respected its uptrend line, although the price is now squeezing against its uptrend line.
• To the upside, the horizontal resistances are at $184 and then $203.
• On the downside, the horizontal supports are at $162 and $147.
• SOL has consolidated above $162 for the last few weeks. This has allowed the RSI to reset from overbought territory. However, the RSI is now below its moving average.

• Next Support: $162
• Next Resistance: $184
• Direction: Neutral
• Upside Target: $203
• Downside Target: $147

Cryptonary's take

SOL is at a crucial point here. It's contained in its key range between $162 and $184, whilst its battling against its major uptrend line. If the uptrend line is lost, then a revisit of $162 is likely. However, if SOL can hold above the uptrend line, then a breakout of $184 and a push to $203 is on the cards. We wouldn't be surprised to see a small flush lower to $162 before a move higher, a reclaim of the range, and then a breakout of $184. A retest of $162 would therefore be a constructive setup. This is still a bullish setup, just not as bullish as ETH's current setup.