The rebound of #SOL SOL continues, but the bears still dominate the structure

Solana (SOL) traded around $82.6 on Monday, extending a short-term rebound for the fourth consecutive day. Despite the price increase, the derivatives market shows mixed signals. Funding rates are rising, indicating more traders are holding long positions and willing to pay extra fees. However, open interest has decreased from $5.07 billion to $4.97 billion, suggesting overall market participation is waning. This indicates some bullish interest but not enough to drive a strong rebound.
Institutional involvement remains limited. SOL-focused ETFs recorded a net outflow of $5.24 million last week, marking a second consecutive week of capital exiting. If this trend continues, it could put downward pressure on the spot price and hinder any further rally.
On the 4-hour chart, SOL remains within a downtrend channel, keeping the overall bias bearish. The current price action appears more like a rebound from the support zone at 77–78 rather than a confirmed reversal. Momentum has slightly improved — MACD is trending upward — but the overall structure remains unchanged.
Resistance at 84.6 is very clear. A decisive break above this level could push the price toward 90 or even higher. If the price fails to break through, it may fall back to the support zone at 77–75.
Overall, this looks more like a short-term rebound within a larger downtrend. To shift the momentum in favor of buyers, a clear breakout is needed; otherwise, sellers will continue to dominate the market.
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