Solana (SOL) price prediction today: Will $162 block a 20% rise?

• • SOL's Funding Rate is close to going negative, indicating there is an appetite for Shorts to start stepping in here. If this increases significantly, this could cause a Short-squeeze.

• • SOL's Open Interest has reset from its recent highs. However, it has also rebounded by 20% off the lows, indicating participants are beginning to jump back into trades, just not with the risk appetite they had previously.

Technical analysis

• • SOL has rejected from a strong resistance level. This resistance level is the horizontal resistance of $162 and the main downtrend line (red line).

• • Price is also stalling out at the RSI-based moving average here.

• • $162 is likely to remain a key level for SOL to reclaim back above.

• • So far, there isn't a candlestick formation, no bear flag, for instance, but we have had a sharp recovery, meaning that the current slight pullback we're seeing could come down slightly lower.

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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Cryptonary's take

On this recovery, SOL outperformed, which we, of course, take as a sign of things to come in the upcoming months. However, in the next 2-4 days, we're expecting SOL to pullback to the $135 to $145 zone.

Over the next week, our thinking is that SOL doesn't see major upside, and we don't see it breaking above the horizontal resistance of $162. It is likely just going to stay range-bound between $135 and $160.

We will reassess again next week, but we expect SOL to be substantially higher in 2 months' time.

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.