The post Solana’s open interest reaches a new ATH of $4.68 billion appeared on BitcoinEthereumNews.com.

Solana’s Open Interest climbed to hit a new ATH SOL’s price rose by 44.46% over the past month Over the last 11 days, Solana [SOL] has recorded a significant uptrend on the charts. In fact, within weeks of hitting a local low of $155 earlier this month, the altcoin surged to a high of $225, hiking by 45.15%. On the daily charts, SOL appreciated by 4.67%. Equally, the altcoin climbed on the weekly and monthly charts too, up by 9.85% and 44.46%, respectively. Needless to say, recent market conditions have raised some questions about the factors driving the aforementioned hike. According to AMBCrypto’s analysis, one factor sustaining the uptrend is the rising demand and interest for SOL. Solana Open interest hits a new ATH This rise in demand and interest for the altcoin can be evidenced by the fact that investors are continuously opening new positions. According to Coinglass’s data, Solana’s Futures Open Interest surged over the last 24 hours to hit a new ATH on the charts. Source: Coinglass To put it in perspective, the altcoin’s Open Interest hit a record high of $4.68 billion. This uptick in Open Interest underlined higher demand for the altcoin with new investors opening new positions, while the existing ones hold their trade. Usually, a higher Open Interest implies that an asset is noting higher investor favorability. Especially since they anticipate further gains on the charts. With the overall crypto market rising and the total market cap hitting $3 trillion, Solana holders see potential in this bull market. This is motivating them to keep their positions while attracting new ones. What do SOL’s charts say? Solana has been seeing rising demand lately, especially for long positions. This demand for Futures can be evidenced by the fact that long position holders have been dominating…

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Filed under: News - @ November 16, 2024 10:12 pm