The post Solana’s Open Interest hits new ATH as SOL breaks THIS record appeared on BitcoinEthereumNews.com.

contributor Posted: November 11, 2024 Solana’s Open Interest has hit a new ATH. SOL has surged by 45.18% over the past month to hit an 8-month high. For the first time since July, Solana [SOL] has traded above the ascending trendline. With Bitcoin [BTC] surging to hit a new ATH of $79k, most altcoins have followed suit. As such, over the past month, Solana has experienced a strong upward momentum to reach an 8-month high. In fact, as of this writing, Solana was trading at $205. This marked a 25.42% upsurge over the past week. Equally, the altcoin has gained by 45.18% on monthly charts. The recent market condition shows that buyers are in control while bears are slowly losing momentum. This condition is evidenced by a surge in Solana’s future Open Interest. Solana Open Interest hits new ATH Source: Coinglass According to Coinglass data, Solana’s Open Interest reached a new ATH of $4.28 billion as of press time. This marked a 42.19% increase over the past week. Such a surge in Open Interest indicates growing confidence among traders and investors with more contracts getting opened. This momentum plays a crucial role in attracting more buyers leading to further price increase. Source: Coinglass This confidence among investors is further evidenced by the fact that most investors are taking long positions. According to Coinglass data, as indicated by the Long/Short Ratio, long position holders are dominating the market. This means that most investors are betting on the price increase. Source: Santiment This demand for long positions is further supported by a positive DyDx exchange Funding Rate. This suggests that long position holders are willing to pay a fee to shorts to hold their positions during the market downturn. Source: Coinglass This phenomenon can be seen with higher liquidations for short positions holders…

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Filed under: News - @ November 10, 2024 10:03 pm