The Solana (SOL) price has decreased by 7 % since May 23 after it decreased from the highest weekly level of $ 186 to trade at $ 172 at the time of the press, where Bulls face resistance at $ 174. Despite the opposite winds, Solana’s open interest continues to rise and is currently sitting at the highest level in four months. With the high future contracts, can the Solana price over the resistance erupt, or will the decline continue?
Solana Price seeks $ 180 in the opposite wind
The value of the Sol Today is a declining, as Bulls face the opposite winds in an attempt to break the Sol price after the main resistance level of $ 180. The relative strength index on the daily price chart shows that momentum is currently down. In addition to reading 46, the relative power index was settled, which indicates that merchants are not ready to accumulate at the current price.
The DMI index shows a similar volatile view where the (Di) line fluctuates the lower DI line, a sign of control over the sellers. This means that Solana can extend firm movements and weakness against competitors such as Ethereum. The ADX line is also south, and it is a sign that the current trend is weak.
The main support area is located under the current Solana price, and looks at historical patterns, Sol tends to bounce every time this region enters. This means that the bulls may have to wait until Solana decreases to between $ 168 and $ 169 before the next upward leg.
On the contrary, if buyers start to collect Solana now, the price may be bounced to the first resistance level test at $ 178. Once this resistance is broken, Sol PRICE will aim to $ 185 and perhaps extend the bullish trend to the Sol goal of $ 300 set by the best traders.
To confirm that the price of Solana is preparing for the reversal of the past buds, the relative strength index needs to cross higher than 50 and make a higher height.
Solana’s open attention up to 4 months
Solana’s open interest, reached $ 7.5 billion on May 29. This scale is now at the highest level since mid -January, and it is a sign that the two future traders increase their bets towards Solana’s performance in the future.
The last time Solana’s open interest in these high levels was traded, the Sol price was circulated near the high levels at all. Therefore, with the failure of the price to catch up with this scale, traders must expect the fluctuations received if the open positions of the forced liquidation are inserted if Solana is an unexpected step.
Moreover, Data from Coinglass He explains that most of these situations are long, as the financing rates remained positive on May 29. This highlights the bullish bias, which may exceed Solana, exceeding $ 180, but also increases the chances of forced sale.
In short, Solana Price is at a critical turn as the open interest rises to its highest level for four months while the prices are facing the resistance at $ 174. If buyers go up, Solana may penetrate $ 180 and experience an upper reflection.
For long-term Solana price forecasts between 2025 and 2030-read this.
Related questions (common questions)
Solana PRICE can violate the resistance level of $ 180 if purchasing increased pressure. However, Sol may decrease in the support area between $ 168 and $ 169 before the next bull is operated.
The open interest in the volatility of the Solana price. If the open parking spaces are closely closed, PRICE SOL will turn on whether sellers are exposed or long buyers have been filtered.
The next Solana Price march will be driven by high purchase sizes of retail and bullish feeling.
Metouni
Muthoni Mary is an analyst and writer in the veteran encryption market that has more than three years of experience in dissecting Blockchain trends, price movements, and market dynamics. Through the acute eye of technical analysis and an in -depth understanding of the scales on the series, it provides insightful -based content that helps investors to move in the world of fast -paced digital assets.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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