Solana Nears $200 Breakout Zone with Open Interest Reset Suggesting Potential for Sustainable Upside
Main Idea
Solana is nearing a potential breakout above the $200 resistance level, supported by minimal resistance, on-chain data, and a reset in Open Interest, indicating healthier market conditions.
Key Points
1. Solana (SOL) is consolidating below the $200 breakout zone, with little resistance beyond this level, as indicated by the URPD chart showing most selling pressure is behind it.
2. Open Interest for Solana futures peaked at $12.01 billion before cooling to $10.56 billion, suggesting reduced speculative leverage and setting the stage for sustainable price rallies.
3. The Relative Strength Index (RSI) has cooled to 60.84, while the MACD line remains above the signal line, maintaining a bullish structure as long as SOL holds above $180.
4. Key support levels and sustained volume will be critical for SOL to reclaim and potentially surpass its previous all-time highs.
5. Investors should monitor market sentiment and volume to confirm the next upward move.
Description
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