- SOL’s Open Interest has increased substantially in the last few days as price has moved into the $130 area.
- We’ve also seen SOL’s Funding Rate move from negative to positive, indicating that the Open Interest that has gone on is into longs.
- This is a healthy setup for a potential bounce in prices.
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.
Technical analysis
- SOL has moved into the $120 to $131 area, and so far, it has managed to bounce from that area.
- The RSI has put in a bullish divergence (a lower low in price but a higher low on the oscillator), which could help drive price higher.
- In the short term, this could drive price up to the local horizontal resistance of $141.
- To the upside, $141 is the local horizontal resistance, while $162 remains the major horizontal resistance.
- When we zoom out, we can see that price is still squeezing into the pinpoint between the horizontal support box (between $120 and $131) and the red downtrend line. As price meets the pinpoint, it could break out from there.
Cryptonary’s take
Ultimately, the $120 to $131 support zone has held for a long time now and has been tested many times, so it is somewhat surprising that it continues to act as strong support. For this reason, we are cautious about SOL price action here, even though we think in the immediate term that it can move up slightly higher to, say, $141.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:
- Deposit Solana tokens by copying your Phantom wallet address and transferring funds.
- Use the ‘deposit’ button for other purchase options, though fees may be higher.
- Swap tokens within the wallet by selecting the type and amount, setting slippage tolerance, and confirming the swap.
- Via Centralized Exchange (CEX):
- Choose a CEX like Binance, Coinbase, or Kraken.
- Create and verify your account.
- Deposit fiat or other cryptocurrencies.
- Navigate to the SOL trading section and complete your purchase.
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