Market Direction

Will Solana break $162 or stay neutral?

Published: Oct 11, 2024

SOL is trading between $131 support and $162 resistance. Will it break higher today or stay neutral? Here’s the latest price prediction for Solana.

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.

SOL's Open Interest is back close to its highs, having spiked higher again over the last few days.
Alongside this, the Funding Rate is currently negative, although it has flip-flopped from positive to negative a lot over the past few days. This indicates indecision amongst traders.

SOL's OI-Weighted funding rate:

5. Solana OI-weighted funding rate and price chart, displaying market sentiment over a period in October.

Technical analysis

And we continue with the range-bound price action, with $143 acting as a local horizontal level acting as both local support and local resistance.
To the upside, the main resistance is at $162.
On the downside, the main support is the zone between $120 and $131. We expect this area to continue to act as support.
The RSI is in the middle territory but is now running under the Moving Average.

6. Solana price chart showing key levels and downward trendline with RSI indicating potential price movement.

Next Support: $131
Next Resistance: $162
Direction: Grind Higher/Neutral
Upside Target: $162
Downside Target: $131

Cryptonary's take

Very boring price action from SOL, and to be honest, probably up until the election we're expecting more continuation of this boring range-bound price action. However, this does give room to Meme's to garner the attention in the shorter term.

Over the weekend, we might see a slight pop higher from SOL, potentially even close to retesting $162, however we're not sure we'll see a further bullish breakout of $162 just yet.