Solana struggles at $148 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 (by the number of coins) remains really high, but the Open Interest in USD isn't close to its highs. This therefore just tells us that OI is high by a number of coins because the price of SOL has halved in the last few months.
• Funding Rates like ETH and BTC are close to 0.00% but are very slightly positive. There is little signal here from a leverage perspective, to be honest.

SOL's open interest (by number of coins):

Technical analysis

• SOL rejected off the local horizontal resistance at $148, having put in the hidden bearish divergence (lower high in price, higher high on the oscillator).
• Price has since pulled back to the horizontal support of $120 and retested that area as support, as we expected it would do.
• Price is now attempting to bounce, but the RSI is moving into the underside of it's moving average. It's possible this is a local stalling area for SOL's price here in the short-term.
• Price is essentially in this tighter zone between the $120 horizontal support and the $148 horizontal resistance. Beyond that, $98 is the major support and $162 is the major horizontal resistance.

• Next Support: $120
• Next Resistance: $148
• Direction: Neutral/Bearish
• Upside Target: $148
• Downside Target: $98

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Cryptonary's take

In the short term, we expect the price to remain range-bound between the levels we've identified ($120 to $148); however, in the short/medium term, we do expect the price to break down and test $98. At that point ($98), that's where we'd be strongly considering buys.

For now, though, our bearish bias remains as we expect a continuation of the fiscal unwind and the uncertainty surrounding the new Trump administration.

If you're a range trader, you can play the range. If not, remain patient, and we'll look to play the wider range ($98 support of $162 horizontal resistance).