11 hour ago
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Solana Defends $135 Support Amid 21Shares ETF Withdrawal Concerns
Key Points on Solana's Market Activity:
- Solana maintained support above $135, closing the week with a 6% gain despite the bearish mood from 21Shares withdrawing its staking ETF application.
- Data indicates Solana open interest increased by 1.7%, with speculative traders adding $12.5 million in leverage to defend the $135 level.
- Funding rate turned positive at 0.0027%, indicating bullish traders are paying more to hold their positions.
- The long-to-short ratio near 1.0 suggests aggressive actions by bullish market participants rather than an increase in short positions.
- ETF flows showed resilience, ending the week with $5.3 million inflows after an $8.3 million outflow on Thursday.
Technical Analysis and Price Forecast:
- Solana is trading within a falling wedge pattern, which is typically a bullish reversal indicator.
- A breakout could occur if Solana closes above the upper trendline, potentially leading to a rally towards $220.
- Current trading range is between $135–$136, with a positive MACD crossover indicating rising trend strength.
- A daily close above $143.10 and subsequent breakout above $150–$152 could propel Solana towards the $200–$220 target range.
- Downside risk includes a potential retest of support near $120.
