Solana (SOL) price prediction today: Can it hit $162 resistance?

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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• SOL's Open Interest is back close to its highs, having spiked higher again over the last few days.
• Alongside this, the Funding Rate is currently negative, although it has flip-flopped from positive to negative a lot over the past few days. This indicates indecision amongst traders.

SOL's OI-Weighted funding rate:

Technical analysis

• And we continue with the range-bound price action, with $143 acting as a local horizontal level acting as both local support and local resistance.
• To the upside, the main resistance is at $162.
• On the downside, the main support is the zone between $120 and $131. We expect this area to continue to act as support.
• The RSI is in the middle territory but is now running under the Moving Average.

• Next Support: $131
• Next Resistance: $162
• Direction: Grind Higher/Neutral
• Upside Target: $162
• Downside Target: $131

Cryptonary's take

Very boring price action from SOL, and to be honest, probably up until the election we're expecting more continuation of this boring range-bound price action. However, this does give room to Meme's to garner the attention in the shorter term.

Over the weekend, we might see a slight pop higher from SOL, potentially even close to retesting $162, however we're not sure we'll see a further bullish breakout of $162 just yet.