Summary
TLDR: Solana (SOL) has been struggling to surpass $200, leading to a decrease in investor optimism. Open Interest and funding rate have dropped, indicating a bearish sentiment. SOL may fall back to $168 and continue moving sideways. Despite challenges, Solana remains favored by institutions and may receive the momentum to break through $200.
Key Points
1. Solana (SOL) has been struggling to surpass the $200 mark for nearly two weeks, impacting investor sentiment and potentially leading to a decrease in price.
2. The Open Interest (OI) for Solana has experienced a 15% drop over two days, falling from $3.14 billion to $2.88 billion, indicating a decline in investor optimism and reluctance to place bullish bets on SOL.
3. The funding rate for Solana has decreased significantly in the 48 hours following the failed attempt to breach the $200 resistance, nearing a two-month low and reflecting the market’s bearish sentiment.
(Note: The points have been spaced out for better readability)