The post Solana climbs back above $200 as crypto market gains momentum appeared on BitcoinEthereumNews.com.

SOL continues to outperform ETH year-to-date as the cryptocurrency starts 2025 with an 8% jump, with investors continuing to eye a potential Solana ETF. As of Jan. 2, 2025, Solana (SOL) is trading at $205.64, marking an 8.48% increase over the last 24 hours. This surge follows a brief consolidation phase, reflecting renewed investor confidence and optimism. SOL hit an intraday high of $205.64 and a low of $187.82, signaling a strong rebound driven by rising demand and favorable market sentiment concerning the proposed Solana exchange-traded fund. Solana 1D chart | Source: crypto.news The open interest in SOL futures contracts has climbed to $3.42 billion, fueled by heightened investor engagement. Perpetual contracts dominate the landscape with $3.4 billion in open interest, while futures contracts account for $15.8 million. Over the past 24 hours, perpetual contracts grew by 10.67%, and futures contracts experienced a significant 85.59% increase, contributing to an overall 10.87% rise in total open interest. Among crypto exchanges, Binance leads with $1.7 billion in open interest, followed by Bybit at $1.1 billion and OKX at $520.5 million. Solana Open Interest | Source: Coinalyze On Binance, SOL’s price rose 6.32% over the last 24 hours and recorded a 6.96% gain over the past seven days. Coinbase and Kraken reported similar 24-hour increases of 6.34% and 6.28%, respectively. Binance also leads in trading volume, with 56.1k SOL/ETH pairs traded in the last day, while Coinbase and Kraken follow with 5.2k and 4.6k, respectively. SOL/ETH Volume | Source: Coinalyze The sharp increase in SOL’s price and open interest highlights growing optimism among investors. The 85.59% surge in open interest for SOL futures contracts suggests a rising number of traders are betting on SOL’s price movements. Open interest is often linked with strong market activity and confidence, indicating that the market expects further…

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Filed under: News - @ January 2, 2025 9:25 am