Solana price targets $263 – Can it break?

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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• Interestingly, SOL's Open Interest (by number of coins) is down substantially but this is potentially due to the price now being much higher.
• SOL's Funding Rate has been very choppy, flipping from positive to negative. This has likely been due to traders playing the range between $220 and $260.

SOL's funding rate:

Technical analysis

• SOL formed a pennant pattern but into the horizontal resistance of $263.
• Unfortunately, the price was rejected from the pennant and broke down to the horizontal level of $220, where bids came in and the price bounced. These key horizontal levels we have marked are really solid and tend to work regularly.
• Like many of the coins, the price is now in the middle of a larger range, between the $220 horizontal support and the $263 horizontal resistance.
• The RSI is in the middle territory, but it's below its moving average, although again, this isn't a major concern for us currently.

• Next Support: $220
• Next Resistance: $263
• Direction: Neutral
• Upside Target: $260
• Downside Target: $200

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Cryptonary's take

Again, like BTC and ETH, SOL is in its larger range now, and we'll be waiting for the price to show us the way. However, we will also be a bit more practical with SOL in that if SOL pulls back into the $200 to $220 zone (particularly if it's around $200), we'll add to our long-term Spot positions.

In the meantime, we'll remain patient and let price action show us the way. For now, we still have a short-term bearish tilt amongst the Majors, but let's stress the short-term point.