Solana (SOL) price prediction today: Can Solana reclaim above $162?

• SOL's Open Interest has been increasing over the last two weeks whilst Funding Rates have flip-flopped between positive and negative. This indicates that traders have been unsure and tried to Short as prices have gone higher.

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

• A really clean breakout of the local downtrend fuelled a move higher, enabling the price to break out of the main downtrend line.
• The price is now close to retesting the horizontal resistance of $162.
• Price is approaching overbought territory, but it's possible there's more room left to run higher, particularly if the price can reclaim back above $162.
• If the price were to pull back, we'd expect the zone between $140 and $150 to hold as support.
• If the price can break out at $162, the next major horizontal level is $185.

Cryptonary's take

Price is moving up into a crucial level here to retest the underside of the horizontal resistance at $162. This might create a short-term stumbling block for the price, but we expect the price to potentially just consolidate between $150 and $160 in the immediate term, with a major breakout of $162 to come after. The breakout of the major downtrend line is bullish over the medium term, and with the macro setup at play, we're extremely bullish over the medium and long-term.

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.