Crypto: $5.8 billion can still tip Solana

Solana has just risen back above $94 after briefly surpassing $100 on Friday. The SOL crypto even touched $102 before pulling back. The movement is impressive, but a good part of the activity comes from derivatives products. The open interest now reaches $5.81 billion. Many positions thus remain open.

In brief

The Solana crypto finally rises back above $90

The SOL crypto has come a long way. The token was still trading around $74 before successively reclaiming several technical levels. This resistance had already accompanied Solana’s solid performance against the rest of the crypto market.

The price first recovered its 50-day and 100-day moving averages, located around $77 and $76. Then the 200-day moving average, near $81. The $83 level followed. Finally $90. The SOL crypto then accelerated to $102 before settling around $94. The increase exceeds 25% in one week.

The $90 level now counts in the other direction. A daily close above it would strengthen the rebound. Below this zone, the next monitored levels are around $83 then $79. The daily RSI also reaches 83.