Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ALTCOIN NEWS»Solana’s open interest reached a new ATH of $4.68 billion.
ALTCOIN NEWS

Solana’s open interest reached a new ATH of $4.68 billion.

By Crypto FlexsNovember 16, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Solana’s open interest reached a new ATH of .68 billion.
Share
Facebook Twitter LinkedIn Pinterest Email
  • Solana’s Open Interest rose to hit a new ATH.
  • SOL price has risen 44.46% over the past month.

Over the past 11 days, Solana (SOL) has recorded significant gains on the charts. In fact, after hitting a local low of $155 earlier this month, the altcoin surged 45.15% to a high of $225 in just a few weeks.

On the daily chart, SOL is up 4.67%. Likewise, the altcoin also rose 9.85% and 44.46% on the weekly and monthly charts, respectively.

Needless to say, recent market conditions have raised some questions about the factors driving the aforementioned hikes. According to AMBCrypto’s analysis, one factor sustaining the upward trend is the growing demand and interest in SOL.

Solana Open Interest Launches New ATH

The growing demand and interest in altcoins can be evidenced by the fact that investors are constantly opening new positions.

According to data from Coinglass, Solana’s Futures Open Interest has surged over the past 24 hours, hitting a new ATH on the charts.

Source: Coinglass

Looking at this, the altcoin’s open interest reached an all-time high of $4.68 billion. This increase in open interest highlighted the high demand for altcoins, with new investors opening new positions while existing investors remained trading.

Typically, higher open interest means the asset is more desirable to investors. Especially since they expect further rise in the charts.

With the overall cryptocurrency market rising and the overall market cap reaching $3 trillion, Solana holders see potential in this bull market. This motivates them to maintain their positions while attracting new employees.

What does SOL’s chart say?

Solana has been seeing increased demand recently, especially for long positions. This demand for futures can be evidenced by the fact that long position holders have dominated the market.

Source: Coinglass

On the daily chart, Solana’s perpetual (long/short) has 82.56% long positions and 17.44% short positions.

This means that the majority of investors are betting on cryptocurrency prices rising.

Source: Santiment

Demand for these long positions is further supported by the positive DyDx exchange funding ratio.

The same numbers have remained largely positive over the past week, suggesting investors are paying fees to hold positions during market downturns. These market trends are a sign of market confidence among investors.

What’s next for altcoins?

Solana’s open interest has hit a new high, suggesting that the market is currently overly bullish. Therefore, most investors are optimistic and expect prices to rise. Especially since these positions were largely long positions.

Considering these favorable conditions, SOL may record more profits on the price chart. If so, SOL will regain the $222 resistance level. A breakout here could see the altcoin find the next resistance at around $242.

NEXT: PEPE’s Next Big Move – How A Breakout Could Push It Toward A New ATH

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

As the ETF rises, Bitcoin Eye Major Rally -but this can ruin the party.

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025

Solana’s Journey: Promotion of Challenge, Innovation and Speed

June 6, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bittensor increases rapidly after 118 subnets in the $ 1,000 TAO price guess.

June 6, 2025

Bitcoin’s $ 100k drop in caught many merchants for many merchants.

June 6, 2025

As the ETF rises, Bitcoin Eye Major Rally -but this can ruin the party.

June 6, 2025

Secure the Treasury in the BNB chain and launch VANECK

June 6, 2025

Use Sunny Mining Cloud Mining to earn $ 12,000 a day

June 6, 2025

Investors are the main level of support of the eyes.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Sei Development Foundation: Use of US Innovation for Global Block Chain

June 6, 2025

Analyst Michaël Van de Poppe says Bitcoin is getting higher.

June 6, 2025

Does Ethereum start their business? MorningStar Candlestick Pattern tells the story

June 6, 2025
Most Popular

Band Protocol pioneers Oracle-Stellar smart contract integration.

March 9, 2024

jk-analytics emerges as a leading platform for aspiring cryptocurrency traders

April 24, 2024

Hamster Kombat hits $5.3 billion in daily trading volume and 11 million token holders

November 14, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.