Is Solana Signaling a Trend Reversal? A Bullish Turn Might Be Underway

Question

📊 Solana (SOL) is beginning to show early signs of a potential trend shift. Rising open interest and key technical indicators suggest that this altcoin could be gearing up for its next price rally.

🔥 Open Interest Surges, Bullish Sentiment Strengthens As of May 28, Solana’s open interest climbed to $7.72 billion, getting close to its January peak of $8.57 billion, when SOL traded near its all-time high of $261.

Investor appetite is clearly returning. Since March, SOL has recovered from $106 to $182, although it’s still struggling to break through the $180 resistance level — the same barrier it faced earlier in March.

🔁 Bullish Divergence – What Does the Technical Setup Show? 🔹 On the 4-hour chart, a bullish divergence has formed between price and the Money Flow Index (MFI). While the price created a lower low, MFI moved upward, suggesting increased buying pressure. 🔹 Following this signal, SOL jumped 3.7% in just 8 hours, with bulls holding the crucial $152 support level — a former resistance now flipped into support.

⚖️ What Do Other Indicators Say? 📉 The On-Balance Volume (OBV) index has dropped slightly in May but hasn’t reached its April lows. This implies that while some profit-taking occurred, there hasn’t been a heavy sell-off. 🔄 Meanwhile, the funding rate has turned positive again, signaling renewed confidence among futures traders.

🚀 What’s Next for SOL? If Solana holds above $152 and Bitcoin remains stable, a retest of the $180 resistance could be on the horizon. This level will be key in determining whether SOL enters a true bullish phase or simply experiences a short-lived bounce. 📌 The coming days will be crucial in revealing whether the recent momentum is the start of a new trend or just a temporary uptick.

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