Solana price prediction today: Is a pullback to $162 likely for SOL?

Market mechanics

Similar to BTC and ETH, but perhaps even more exaggerated, SOL has seen a substantial increase in Open Interest, up more than 30% in just the last 10 days alone.

SOL's funding rate is positive here, which suggests that a lot of the open interest that has come on recently (the leverage positions taken out) is Longs.

From a mechanics perspective, SOL might also be vulnerable to a slight flush out here. 

SOL Open Interest:

Technical analysis

• SOL has gotten a clean break out of the horizontal resistance of $162 and the main downtrend line. 
• There is local support at $170, but the major support is at $162. If the price pulls back, which we believe it might, we'd like to see this zone (between $162 and $170) held and the price bounce from there. 
• If price cannot hold above $162, then technically, the next major support is $131, but we're not confident that we see SOL pull back as far as that.
• To the upside, the key level for SOL to break out from is $190 and then $205. Clearance above $205 and the all-time high of $255 is next.
• On the recent move higher, price did move into overbought territory, so it's not unusual that we see a slight slowdown here. 

Cryptonary's take

We're super bullish on SOL long-term, but in the short term, it's possible we see a slight pullback, possibly back to $162. However, we do think this level can hold and provide support for the price to bounce higher. Ultimately, prices are still range-bound until we see that major break out to the upside.

Key levels there are, as we suggested above, $190 and $205.