Solana (SOL) price prediction today: Can SOL break $150 resistance now?

• SOL's Open Interest has increased over the last few days whilst it's Funding Rate has gone from more meaningfully negative to positive as this OI has increased.
• This suggests that the leverage that has gone on in the last few days has been mostly Longs.

SOL's funding rate:

• Since the start of September, SOL has stayed in a relatively tight range between $120 (the bottom of our called out range) and $140.
• SOL is in a longer-term downtrend since March with price now squeezing up to it's local downtrend line.
• We expect $120 to continue to act as support in the short-term.
• To the upside, we expect $140 to $150 to continue to be a local resistance zone, with $162 the key level for price to break above, however we're not expecting this anytime soon.
• Volumes have been downtrending recently.

Cryptonary's take

We expect price to breakout of the local downtrend line and at least retest $140 in the short-term assuming we're correct on J Powell delivering a dovish message this Wednesday. We're not confident that SOL can break back above $162 in the immediate term though, and we're expecting the $140 to $150 zone to be a new local resistance for price.

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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• 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.