These Two Bearish Scenarios Put Solana Price At $162 After Fakeout

The Solana price has been rising over the past few weeks, moving from $127 to over $200. This surge has been driven by new projects on the blockchain, such as USELESS. Despite the bullish trend, a crypto analyst warns of bearish pressure mounting for Solana. The analyst believes the recent rally above $190 was a fakeout, and the price is still trading within an ascending channel. This suggests the breakout failed, leaving the price vulnerable to bears. Two bearish scenarios are possible: a direct drop to the maximum pain level of $162.30 or a move up to retest highs before a drop. Both scenarios lead to a decline in price towards the maximum pain level. Meanwhile, open interest in Solana has hit a record high of $10.96 billion, surpassing its previous high of $8.79 billion. This could indicate there is still room for growth before the price slows down. However, the Solana price is still lower than it was when open interest last hit a record high.