SOL has held above 100 for the second time, and this rebound came faster than the last one.
On the 15th, it dipped to 100.56 intraday and recovered to close at 106, holding the level once. It then fluctuated around 103 for three days. On the 18th, it closed down at 102.22, and on the 19th it dipped to 100.42 intraday—slightly lower than the previous test—but recovered to 104.86 that same day, up 2.6%. That’s a $4.40 rebound from the low. The key 100 level has now been tested twice and held both times, with a faster rebound on the second test.
Funding rates are also turning around. They were still negative at 08:00 on the 18th and remained negative at 00:00 on the 19th, but turned positive by 08:00—the first time they had returned to positive territory in three days. Positive funding means long traders are no longer paying shorts, and holding costs are starting to favor the bulls. With prices rebounding and funding rates turning positive, these two signals together strongly suggest the bottom is in.
The 100 level was tested twice over the past week without breaking, indicating strong buying interest there. Holding the first time might have been luck, but holding again and rebounding quickly shows that buyers have strong confidence at this price. The next thing to watch is whether SOL can hold above 105. If it does, the 100–105 range will have been decisively cleared.
As long as it doesn’t break below 100 again, SOL’s bottom should be firmly established.
On the 15th, it dipped to 100.56 intraday and recovered to close at 106, holding the level once. It then fluctuated around 103 for three days. On the 18th, it closed down at 102.22, and on the 19th it dipped to 100.42 intraday—slightly lower than the previous test—but recovered to 104.86 that same day, up 2.6%. That’s a $4.40 rebound from the low. The key 100 level has now been tested twice and held both times, with a faster rebound on the second test.
Funding rates are also turning around. They were still negative at 08:00 on the 18th and remained negative at 00:00 on the 19th, but turned positive by 08:00—the first time they had returned to positive territory in three days. Positive funding means long traders are no longer paying shorts, and holding costs are starting to favor the bulls. With prices rebounding and funding rates turning positive, these two signals together strongly suggest the bottom is in.
The 100 level was tested twice over the past week without breaking, indicating strong buying interest there. Holding the first time might have been luck, but holding again and rebounding quickly shows that buyers have strong confidence at this price. The next thing to watch is whether SOL can hold above 105. If it does, the 100–105 range will have been decisively cleared.
As long as it doesn’t break below 100 again, SOL’s bottom should be firmly established.