Solana Price has been slowly creeping up over the past few weeks, moving from a minimum of $127 in June to a transaction of more than $200 as of this report. This surge is driven by the advent of new runners on the blockchain, such as moving the useless, Sol towards the coveted $200 market. But there are plenty of questions about how long this rally can last, and whether we can see the bearish scenario coming back below.
Solana prices face pressure from bears
Despite the bullish order of the day, the crypto analysts sounded an alarm of Solana’s bear pressure. The analysis has recently described the rally, which pushed digital assets over $190, as actually a textbook fake.
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The rally surpassed resistance that had increased the price of Solana at $170 and ruled out the rally path to $200. This allows for these high levels of fluidity sweep. But now there is a fault for Altcoin and you can send it back.
Crypto analysts explain that despite Rally, Solana Price is still trading within the upward channel. So this means that the breakout has failed at that point. Such a failure suggests that there is not enough strength to support the price, which is vulnerable to bears.
In response, two bearish scenarios were presented by the analysts. The first is a direct drop to maximum pain level (MPL), which is around $162.30, a key drawback target. However, this is rare as the price is already over $190.
The second most likely scenario is a move to retest the highs before dropping. It also instead forms a lower height before it drops, leading to a sudden decrease. Anyway, that’s the fact that prices drop towards MPL levels, as both roads lead to the same destination.
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Sol Open Interest hits the record level
The surge in prices has caused a rapid increase in interest in Solana, and this Open interest For Altcoin, hit the new all-time best. Open profits are the sum of short and long positions open for the assets, and according to data on the Coinglas website, Solana Open Interest is currently over $10.96 billion to surpass its previous peak of $8.79 billion.
Interestingly, Solana Price is still much lower compared to the last time the open interest reached its new high. This may suggest that some steam may remain before SOL prices start to slow down again.
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