Solana (SOL) price prediction: Is $162 the next stop for SOL?

• Over the last week, SOL's Open Interest increased substantially (Longs piling in) before then dramatically declining (Longs closing out).

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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Technical analysis

• SOL is currently battling and has been, for a few days now, at the main downtrend line.
• Currently, the main downtrend line is proving to be resistance, although a breakout above it likely sends the price quickly to retest the main horizontal resistance at $162.
• On the downside, the major support zone remains between $120 and $131. If the price pulls back to that level, we would expect this zone to hold.

Cryptonary's take

In the immediate term, SOL is battling at the main downtrend line, with a breakout potentially pushing SOL higher to retest $162. But, if we zoom out, SOL remains in the much wider range between $120 ($131) and $162. Until we see a clear breakdown or clear breakup, we're just sitting tight, with not much to get too excited about in the meantime. Holding Spot bags and exercising patience as we move into the US Elections and beyond, where we're expecting more significant outperformance.

What is Solana: Solana (SOL) is a high-performance blockchain designed for fast and scalable decentralized applications and cryptocurrencies. Launched by Solana Labs in 2017, Solana is celebrated for its ability to process thousands of transactions per second with low fees, making it a popular choice for developers and users alike. At Cryptonary, we are most bullish on Solana for this cycle, considering it the play of the cycle due to its robust technology and growing ecosystem.

Solana's ATH is $260.

How to buy SOL:

• Via Phantom wallet:
  1. Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
  2. Use the 'deposit' button for other purchase options, though fees may be higher.
  3. Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
• Via Centralized Exchange (CEX):
  1. Choose a CEX like Binance, Coinbase, or Kraken.
  2. Create and verify your account.
  3. Deposit fiat or other cryptocurrencies.
  4. Navigate to the SOL trading section and complete your purchase.