Cryptocurrencies

Solana OI Drops by $440 Million as Market Retreats, Leading to 11% Price Rally

In the past 24 hours, there has been a significant drop in Solana’s (SOL) open interest (OI), with a decrease of 21% to $1.62 billion as reported by CoinGlass. This decline represents the total value of all unsettled Solana futures contracts on various exchanges.

Despite this OI decrease, traders remain positive about potential gains in the cryptocurrency market. Alongside the drop in OI, the Solana market price has surprisingly increased by 7.59% to $142.76, highlighting a disconnect between OI and price dynamics.

The broader cryptocurrency market has seen significant declines, with major altcoins like XRP, Dogecoin, and Cardano experiencing drops of over 10%. Despite this volatility, traders are optimistic about a swift recovery.

Prominent figures in the crypto community have expressed positive views on the market, suggesting that the current lows could be a good entry point for high-conviction tokens. The Solana blockchain has been facing technical issues, including network congestion and transaction errors, which developers are actively working to fix.

Glassnode’s analysis provides insights into the current market conditions, noting that recent price drawdowns are less severe than past phases. The market may be undergoing a normal correction rather than a prolonged downturn. Read Also: Will Solana Price Soar to $120? Multiple Support Sets Stage for Relief Rally



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