The Solana Prize has slowly risen in recent weeks and has moved from a low of $ 127 in June to now to act more than $ 200 at the time of this report. This increase has been raised by the rise of new runners on the blockchain, such as people as useless, moving Sol to the coveted $ 200 market. However, there are questions about how long this rally can be maintained and whether a bearish scenario could see it crashing back down.
Solana prize is confronted with pressure from Beren
Although bullishness is the order of the day, a crypto analyst has been the alarm of Beerarish pressure mounting for Solana. In the analysisThey explain that the rally that pushed the digital active over the $ 190 recently was recently a handbook fake.
Related lecture
This rally had taken the Solana price above the resistance that was mounted at $ 170, which made a path for the rally clear to $ 200. This made a liquidity swing at these high levels. But now there is a roadblock for the altcoin That could send it back.
The Crypto analyst explains that the Solana price is still acting in the rising channel despite the rally. This means that the breakout failed at that time. Such a failure suggests that there is not enough strength to support the price, making it vulnerable to bears.
Two likely bearish scenarios were presented by the analyst in response. The first was that there would be a direct decline in the maximum pain level (MPL), which is approximately $ 162.30, making it the most important goal on the decline. But with the price that is already higher than $ 190, this is unlikely.
The second and most likely scenario is the switch to re -test highs before a drop. It can also form a lower peak before it drops, which leads to a steep decline. Anyway, both roads lead to the same destination, and that is the fact that the price drops to the MPL level.
Related lecture
Sol Open Interest Tames Record levels
The rise in the price has caused a rapid increase in interest in Solana, and this has the open interest New all-time highlights for the Altcoin hit. The open interest is the total sum of short and long positions open for an active, and according to facts The Solana Open Interest has now crossed $ 10.96 billion of the CoingLass website to exceed its previous peak of $ 8.79 billion.
Interesting, however, the Solana price is still much lower compared to where it was the last time that open interest hit new highlights. This can suggest that there may still be some steam before the Sol Price starts to slow down again.
Featured image of Adobe Stock, Chart van TradingView.com