Shiba

Solana

Resistance

Shiba Inu

Spot

<p>Cryptonary, <a href="https://twitter.com/cryptonary/status/1730594730117837182?t=n0ioEMJuWcqGP_6qe2Jd_A&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">a pseudonymous crypto analyst,</a> remains cautiously bullish on Solana (SOL) despite some concerning on-chain metrics. In a recent Twitter thread, they argued that while SOL looks poised for a breakout above key resistance at $61, the growing number of shorts indicate bears are betting on a breakdown soon.</p>
<h3 class="wp-block-heading" id="bears-piling-on-shorts-while-longs-decline">Bears Piling on Shorts While Longs Decline</h3>
<p>According to Cryptonary, open interest in SOL recently hit $850 million, nearing its yearly high of $933 million. However, over the past 8 hours, the open interest-weighted funding rate has slid from 0.016% down to 0.010% even as open interest rises.</p>
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</figure>
<p>As Cryptonary explained, “The Long/Short ratio is 0.9631, indicating more participants have piled into Shorts than Longs. It is a very different setup from BTC and ETH.” With shorts outweighing longs while funding slides, it seems clear traders are positioned for SOL to fall through support.</p>
<h3 class="wp-block-heading" id="crucial-resistance-holds-the-key-for-sol-s-next-move">Crucial Resistance Holds the Key for SOL’s Next Move</h3>
<p>Currently SOL is pressing up against resistance at $61. As Cryptonary noted, “SOL is really on the cusp here; a break above $61 could see a meaningful breakout higher to $69 and even $80.”</p>
<p>However, they cautioned that the move could go the opposite way, saying “these Shorts may be vulnerable to a squeeze, particularly if SOL breaks out of $61.” A breakout could trigger a short squeeze and push SOL sharply higher. Yet if $61 fails to hold, the influx of shorts could accelerate a breakdown for the token.</p>
<h3 class="wp-block-heading" id="cautious-optimism-despite-warning-signs">Cautious Optimism Despite Warning Signs</h3>
<p>While noting concerning signs like bearish RSI divergences on higher timeframes, Cryptonary ultimately struck an upbeat note on SOL: “We’ll add to our long-term bags if SOL can pull back to $52 with light DCA Spot buys. If SOL pulls back to $48, we’ll be even more aggressive with our DCA Spot buys down to the low $40s.”</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/learn-the-principles-that-guided-this-cryptocurrency-investor-from-30k-to-1m/" target="_blank" rel="noopener noreferrer nofollow">Learn the Principles that Guided This Cryptocurrency Investor from $30K to $1M</a></li>
 <li><a href="https://captainaltcoin.com/how-trader-raised-2k-to-1-2m-in-just-78-days-investing-in-this-meme-coin/" target="_blank" rel="noopener noreferrer nofollow">How Trader Raised $2k to $1.2M in Just 78 Days Investing in This Meme Coin</a></li>
 <li><a href="https://captainaltcoin.com/shiba-inu-shib-daily-transactions-skyrocket-as-new-meme-player-meme-moguls-mgls-rises-to-the-top/" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu (SHIB) Daily Transactions Skyrocket as New Meme Player Meme Moguls (MGLS) Rises to the Top</a></li>
</ul>
<p>So even as on-chain data flashes warning signs of growing bearish sentiment, this analyst remains a SOL bull based on potential buying opportunities at lower levels. The coming move once SOL either breaks $61 or fails the key resistance should give more decisive insight into trader positioning.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-analyst-remains-bullish-despite-concerning-on-chain-metrics-as-sol-bears-aim-to-break-this-crucial-resistance/" rel="noopener noreferrer nofollow">Solana Analyst Remains Bullish Despite Concerning On-Chain Metrics, as SOL Bears Aim to Breakdown This Crucial Resistance</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana Analyst Remains Bullish Despite Concerning On-Chain Metrics, as SOL Bears Aim to Breakdown This Crucial Resistance

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