The post Solana (SOL) Trading Volume Rises 6% as Uptober Hopes Rise appeared on BitcoinEthereumNews.com.

As the broader cryptocurrency market grapples with consolidation, Solana (SOL) continues to experience sideways price movement, dampening the optimism of those hoping for a stronger October rally. Historically, the market has seen major price increases this month, a trend the crypto community calls “Uptober.” However, this year has not mirrored the anticipated gains, and frequent price declines across various altcoins, including SOL, have led to some dubbing the current period “Rektober.” Despite this, there remains notable activity surrounding the token, with trading data signaling potential hope among investors. According to CoinGlass, the cryptocurrency’s 24-hour trading volume spiked by 6.52%, reaching $4.84 billion. The token’s trading volume uptick highlights a continuing belief in the possibility of an upward trend as October progresses, even amid broader market stagnation.  Open Interest Gains Amid Growing Optimism Solana’s Open Interest (OI), another key market indicator, has also surged. Recent figures show a 1.55% jump in OI, now at approximately $2.29 billion. This rise in OI suggests growing investor confidence, reinforcing a bullish sentiment despite the broader market’s lack of significant upward momentum. Moreover, several other factors are contributing to the surge in the cryptocurrency’s market activity. For instance, the number of new addresses interacting with the Solana blockchain has increased. Data from HelloMoon shows a rise in new wallet addresses, from a monthly low of 2.99 million on October 5 to a current count of 3.44 million. This uptick in network activity could signal a renewed interest in the altcoin, further supporting market optimism. Technical Indicators Reflect Consolidation Analyzing Solana’s price movement, it appears the token remains locked in a consolidation pattern. A TradingView chart analysis shows that the cryptocurrency has formed a symmetrical triangle pattern. This formation typically indicates a continuation of the existing price trend, suggesting that Solana may remain range-bound in the…

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Filed under: News - @ October 11, 2024 3:24 am