After a tumultuous weekend in the crypto market, Solana (SOL) has rebounded, reclaiming the $160 level with a 6% surge. Despite a 12.6% correction on June 7, SOL's open interest trends suggest a significant breakout phase ahead.

Solana's price dip in late May and the subsequent market crash on June 7 attracted bull traders looking to buy in at a local bottom. While SOL's price has declined 9% from its weekly top, its open interest has held steady, signaling resilience and optimistic conviction among short-term traders.

With a widespread expectation of an early rebound and reduced panic selling, Solana's open interest holding above $2 billion suggests a rapid price breakout above $180 could be imminent. However, short-term resistance around the 10-day SMA price level at $165 may pose a challenge.

If bulls can stage a decisive breakout above $165, they could advance toward $180. Conversely, a pullback from the $165 sell-wall could lead to short-term support around $157, resulting in a prolonged consolidation within the $155-$170 channel.

In conclusion, Solana's rebound and steady open interest suggest a potential breakout phase ahead. While short-term resistance looms, bulls may push SOL toward $180, signaling a significant recovery in the cryptocurrency market."