Key takeaways
- SOL is trading above $160 after testing the $150 low on Tuesday.
- With rising demand and limited supply, the coin could soon move toward the $200 mark.
SOL recovers from Tuesday’s crash
Solana’s derivatives market has not fully recovered since the October 10 liquidations, when more than $19 billion in crypto assets were wiped out in 24 hours. Data from CoinGlass showed that futures open interest (OI) averaged $17.63 billion on Wednesday, up from $7.7 billion on Tuesday.
Rising open interest, which represents the notional value of outstanding futures contracts, suggests renewed retail interest in the token. A sustained recovery in OI would support a short-term uptrend; without it, Solana’s recovery potential may remain limited.
Solana faces a near-term breakout
The SOL/USD daily chart remains biased to the downside and still shows inefficiencies, as Solana has not yet cleared the psychologically important $200 level. SOL is trading around $160 per token as the broader crypto market rebounds from the recent selloff.
The daily Relative Strength Index (RSI) sits near 40, indicating a weakening downtrend. If the RSI climbs above the neutral 50 level, SOL could push toward resistance near $188 in the near term. A sustained bullish move could allow SOL to reach $200 for the first time since October 25.
If the bearish pressure continues to dominate, SOL could fall below the $150 support and retest the recent low around $144.
Conversely, the daily MACD (Moving Average Convergence Divergence) is positioned to generate a buy signal. This signal typically occurs when the MACD line crosses above the signal line and holds, which often encourages traders to increase risk exposure.
From its current level, SOL could see a breakout of roughly 22%, potentially allowing it to reach the psychological $200 mark.