Solana’s next move: $162 or $190?

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 number of coins) has really climbed higher over the last 10 days, suggesting more leverage has been being put on here.
• Interestingly, SOL's Funding Rate is flat, close to 0.00%. This indicates that some of the leverage that has gone on is Shorts and that there is a relatively even balance between Longs and Shorts.

SOL open interest:

Technical analysis

• So far, a really clean move, where price broke out of the $162 horizontal resistance, pulled back, tested it as new support and bounced higher from that level. Good to see.
• The price is now $178 as local resistance.
• Beyond $178, $185 to $190 will likely act as a strong resistance zone for SOL.
• In terms of support, $162 should be a local support, with $150 as a stronger support.
• Price is in a local uptrend so we wouldn't be surprised to see this broken and price potentially retest $162.

• Next Support: $162
• Next Resistance: $190
• Direction: Neutral/Bullish
• Upside Target: $186 - $190
• Downside Target: $162

Cryptonary's take

Price has quietly risen without gaining much attention or euphoria regarding the timelines. We see this as very positive, and likely the case is that we see the euphoria come back only upon a breakout of $190, possibly $200, as that'll be a psychological zone.

This price grind higher has also probably been positive for the SOL ecosystem as we continue to see memes do well. In the coming days, we wouldn't be surprised to see $162 be retested again; however, we do see the inevitable direction as a move back up to $186-$190, so we're unsure if we'll even see $162 retested in the short-term here.