Solana (SOL) is changing hands around $164 as of Tuesday’s session, reflecting a sluggish mood across the crypto market after yesterday’s upswing.
Derivatives Point to Fading Bullishness
Following the massive deleveraging on October 10—which saw over $19 billion in crypto positions liquidated in a single day—Solana’s futures open interest (OI) has yet to rebound. CoinGlass data shows Tuesday’s OI averaging $7.72 billion, down from $10 billion on November 1 and $14.83 billion on October 1.
This drop in OI, which measures the total value locked in outstanding futures contracts, suggests many retail traders have stepped to the sidelines until “risk-on” sentiment returns. A sustained uptick in OI will be crucial to confirming any short-term bullish thesis for SOL; without it, the token’s recovery may remain muted.
Source: CoinGlass
Technical Outlook: Eyeing a Short-Term Breakout
SOL is holding just above $164 amid renewed profit-taking in the broader market. On the daily chart, the Relative Strength Index (RSI) sits at 40—above oversold territory but pointing to potential further declines. A dip below 40 could signal downward momentum, increasing the odds of SOL slipping under $160.
Price also remains below key moving averages:
• 200-day EMA at $185
• 100-day EMA at $190
• 50-day EMA at $188
These levels reinforce the prevailing bearish bias.
That said, the MACD indicator is poised for a bullish crossover—if the blue MACD line crosses above the red signal line, it could draw fresh buying interest. Meanwhile, a falling wedge pattern has formed, which often marks consolidation and accumulation before a breakout. Should SOL break above the wedge’s upper trendline, technical analysis suggests a potential 22% rally toward $200. This target is calculated by projecting the wedge’s maximum height upward from the breakout point.
