Solana Sees 370% Jump in Open Interest: Can SOL Price Rebound?

The next key support is the 158 level. If the price bounces off that level, buyers might make another attempt to push SOL above $185. If they manage to break through, the price could climb toward $206.

But if SOL drops below the $158 level and closes there, it would give the upper hand to the sellers. In that case, the price could fall further toward $125, keeping Solana stuck in a wider trading range between $206 and $110 for a while.

The RSI level is declining strongly as it now hovers around the overbought region at level 25. This suggests that buyers might soon make a comeback and trigger a rebound rally for SOL price. However, they need to defend the 23.6% Fib channel strongly.