24.45 Million Solana (SOL) Open Interest Hints at Potential Rebound Ahead
The post 24.45 Million Solana (SOL) Open Interest Hints at Potential Rebound Ahead appeared on BitcoinEthereumNews.com.
Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Solana (SOL) investors were disappointed after the coin experienced a massive decline from its all-time high (ATH) of $264 in November. Recent metrics indicate Solana could witness a rebound to new price levels. Open Interest and market impact Data from CoinGlass reveal that Solana’s Open Interest figures hold hope for those in the ecosystem. Solana’s Open Interest in the last 24 hours dipped by 2.79% and 0.53% in the last hour. The total Open interest now stands at 25.43 million SOL, valued at $5.31 billion within the period under consideration. Related This signals that traders, after a disappointing price crash, have commenced active purchases of the asset. This could suggest bullish anticipation of a price rebound in the coming days. It also indicates that traders are betting on SOL’s future price at a mildly bullish pace. The CoinGlass data shows increased market activity within Binance, Bybit, Bitget and OKX. Of these four, Binance and Bybit lead with $1.9 billion and $1.37 billion in SOL Open Interest, respectively. The other two have figures above the half-billion mark but still less than $1 billion. Price and volume boost confidence As of this writing, SOL is trading at $204.87, but a noticeable surge from its previous low of $200, which it traded earlier in the day. However, the market volume has increased…
Filed under: News - @ December 20, 2024 2:30 am