Solana Eyes Reversal as Bullish Signals Emerge
Key Takeaways
- Solana (SOL) is showing signs of a potential trend reversal.
- Open interest in the futures market has been steadily increasing since March.
- A bullish signal: divergence between price movement and the Money Flow Index (MFI).
- Resistance at USD 180 remains critical for further price gains.
- Bitcoin continues to be a major influence on Solana’s price development.
Open Interest Indicates Growing Market Interest
Since March, open interest in Solana has risen significantly. On May 28, it stood at USD 7.72 billion—close to the yearly high of USD 8.57 billion seen in January. At that time, the SOL price reached an all-time high of USD 261. Rising open interest indicates growing activity and confidence in the derivatives market. Traders appear to be positioning themselves for potential price gains.
Technical Analysis Shows Bullish Divergence
On the 4-hour chart, a positive divergence can be observed: while the price formed a lower low, the Money Flow Index (MFI) showed a higher low. Such divergences are considered early indicators of potential price increases. As a result, the SOL price rose by 3.7% within eight hours. Currently, the support level at USD 152 is holding—a zone that was recently considered resistance.
Resistance at USD 180 Remains Critical
Despite recovering from USD 106 to USD 182, Solana has so far failed to sustainably break through the resistance at USD 180. This level was already a significant resistance point in March. If the price breaks through this zone, it could pave the way for further upward movement.
Funding Rate and OBV Provide Mixed Signals
The funding rate—a metric indicating the ratio of long to short positions in the futures market—recently turned positive again after having been negative. This suggests a bullish market sentiment. At the same time, On-Balance Volume (OBV) shows that selling volume has recently declined. Although there was selling pressure, it was not dominant. The OBV remains above the level seen at the end of April, indicating a degree of stability.
Bitcoin Remains a Key Factor
As with many altcoins, Solana’s short-term performance is heavily influenced by Bitcoin. If BTC gains strength, it could provide a tailwind for SOL. Conversely, a pullback in Bitcoin would likely weigh on Solana as well.
Our Assessment
Solana is currently showing several signs of a potential trend reversal. The combination of rising open interest, bullish divergence on the chart, and a positive funding rate supports the case for a short-term recovery. However, resistance at USD 180 remains a key test. Traders should watch this level closely. Anyone invested in Solana or considering entering the market should also keep a close eye on Bitcoin’s performance—it remains a central factor for overall crypto market sentiment.
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