Solana Hits Record $4.68B Open Interest, Price Surges 44%
– Solana (SOL) hits a new all-time high (ATH) in open interest, reaching $4.68 billion USD.
– The price of SOL increased by 44.46% over the past month.
– The majority of investors are taking long positions, indicating positive market sentiment.
– Further price increases may be on the horizon as demand for SOL continues to grow.
Solana (SOL) has shown impressive performance in recent weeks. Open interest, which represents the total volume of open positions in futures contracts, reached a new all-time high of $4.68 billion USD. This suggests that more and more investors are opening positions in SOL while existing positions are being held. A higher open interest is often seen as a sign that interest in an asset is growing and investors are hoping for further price gains.
Over the past 11 days, Solana’s price has shown a clear upward trend. After falling to a local low of $155 USD at the beginning of the month, the price surged to as high as $225 USD – a gain of 45.15%. SOL has also posted gains on the daily, weekly, and monthly charts. Particularly noteworthy is the 44.46% increase over the past month.
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A key factor driving the rise in open interest is the growing demand for Solana. According to data from Coinglass, investors have opened more new positions in the last 24 hours. This shows that both new and existing investors are optimistic and betting on further price gains. The rising demand for futures contracts, especially long positions, underscores this optimism.
On the daily charts, it is evident that long positions dominate the market. According to Coinglass, long positions account for 82.56% of the market, while short positions make up only 17.44%. This means that the majority of investors are betting that Solana’s price will continue to rise. Additionally, a positive funding rate trend on the DyDx exchange supports this market sentiment. The positive rate indicates that investors are willing to pay fees to maintain their positions even during market downturns.
With the new all-time high in open interest and the dominant presence of long positions, the market currently appears to be very optimistic. Many investors expect Solana’s price to keep rising. If SOL breaks the resistance at $222 USD, the next target price could be around $242 USD. This development could attract new investors and further boost demand.
Solana has shown strong performance in recent weeks, both in terms of price and open interest. The vast majority of investors are betting on rising prices, indicating positive market sentiment. However, investors should remain cautious, as an overly bullish market also carries the risk of corrections. Those investing in Solana should closely monitor market conditions and watch for potential resistance levels.
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