Blockchain
Solana (SOL) Technicals Flash Bullish Signals, but Bears Eye $50
Solana (SOL) OI nears positive territory, but the chart still signals a price dip
19d ago 4,280
BLOCKINSIDERLoadingSolana (SOL) OI nears positive territory, but the chart still signals a price dip
It’s been over a month, and the world’s sixth-largest cryptocurrency, Solana (SOL), remains in a strong downtrend. This isn’t because the asset lost more than 30% of value, but it lost multiple key supports during this period.
Even on June 23, 2026, SOL continues to decline, losing 7.05% of its value over the past 24 hours, and trading near the $68.68 level. Despite the price dip, the asset’s trading volume jumped 17% to $2.50 billion, indicating heightened participation from the traders and investors.
Amid this broader bearish trend, a well-followed crypto analyst shared data on X, which now suggests that the asset may be poised for a price recovery. As per the shared report, Solana’s 30-day Open Interest (OI) is about to turn positive, and in the past, whenever it has occurred, SOL has witnessed a price uptick.
Additionally, the analyst further stated,
“Once this metric stays positive for a few days, some strategic selling to buy back lower later may be a good strategy.”
Now the question is, will the SOL daily chart follow this bullish outlook, or signal something different? Or are the investors and traders following this bullish metric or something else?
So let's see.
According to TradingView’s daily chart, SOL's short-term bias appears bearish, and it is in a strong downtrend. The factor driving this bearish outlook seems to be the breakdown of the key support level of $76.50, which has acted as a key floor since December 2023.
Alongside, SOL continues to trade below the 200-day Exponential Moving Average (EMA), suggesting a broader bearish trend and indicating sellers remain in control. Another factor that reinforces SOL’s bearish outlook is the formation of a bearish double-top price action pattern.
Based on the current price action, the SOL price is approaching the neckline of the bearish pattern, which seems to be a confluence zone formed by horizontal support and ascending trendline support.
If SOL downward momentum continues and if the price falls below the area of confluence zone around the $67.50 level, it could trigger a sharp sell-off. In this case, the asset may see a price dip of another 25% and potentially reach the $50 level, as there is no major support nearby.
However, SOL price reversal or trend reversal could only be possible if it reclaim $76.50 level; if it does, the price may see a trend shift.
At press, SOL Average Directional Index (ADX) stood at 27.12, above the key threshold of 25, indicating a strong trend in the asset, which further supports the bearish trend.
Meanwhile, investors and traders at the same time share a different story. Data from the on-chain platform Nansen discloses that over the past week, the top 100 SOL addresses have increased their token holdings by 2.21%. Whereas, exchange reserves also declined by 21.42% during the same period.
Both of these data sets point to the growing interest and confidence of top addresses and long-term holders in the token. In fact, it also shows that the current level is an ideal buying opportunity.
However, intraday traders found betting on the bearish positions during the same period. Data from Coinglass shows that $67.60 on the lower side and $71.20 on the upper side are the two major liquidation levels. Here, at these levels, traders have built $68.50 million worth of long-leveraged positions and $159.38 million worth of short-leveraged positions.
This clearly showcases that bears are dominating the asset, while bulls seem to be losing momentum.
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