bullish

Solana

Million

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<p dir="ltr"><a href="https://u.today/solanas-breakout-henrik-zeberg-makes-latest-call-on-sol-price">Solana</a>(SOL) investors were disappointed after the coin experienced a massive decline from its all-time high (ATH) of $264 in November. Recent metrics indicate Solana could witness a rebound to new price levels.</p>
<h2 id="open-interest-and-market-impact">Open Interest and market impact</h2>
<p dir="ltr">Data from CoinGlass<a href="https://www.coinglass.com/BitcoinOpenInterest">reveal</a> that Solana’s Open Interest figures hold hope for those in the ecosystem.</p>
<p dir="ltr">Solana’s Open Interest in the last 24 hours dipped by 2.79% and 0.53% in the last hour. The total Open interest now stands at 25.43 million SOL, valued at $5.31 billion within the period under consideration.</p>
<p dir="ltr">This signals that traders, after a disappointing price crash, have commenced active purchases of the asset. This could suggest bullish anticipation of a price rebound in the coming days. It also indicates that traders are betting on SOL’s future price at a mildly bullish pace.</p>
<p dir="ltr">The CoinGlass data shows increased market activity within Binance, Bybit, Bitget and OKX. Of these four, Binance and Bybit lead with $1.9 billion and $1.37 billion in SOL Open Interest, respectively.</p>
<p dir="ltr">The other two have figures above the half-billion mark but still less than $1 billion.</p>
<h2 id="price-and-volume-boost-confidence">Price and volume boost confidence</h2>
<p dir="ltr">As of this writing, SOL is <a href="https://coinmarketcap.com/currencies/solana/">trading</a> at $204.87, but a noticeable surge from its previous low of $200, which it traded earlier in the day. However, the market volume has increased significantly by 16.28% to $7.08 billion, increasing investors’ confidence in the prospect of Solana.</p>
<p dir="ltr">According to a<a href="https://u.today/next-key-solana-sol-support-revealed">U.Today report</a>, Solana’s ability to rise above its current level has a chance of further price growth. Despite the increasing market volume, SOL needs to stay above the $196 support level to retest its previous local highs.</p>
<p dir="ltr">Analysts anticipate that tackling congestion challenges on the network with innovative projects might trigger a Solana rebirth. Overall, the increased transaction throughput could turn things around for SOL as investors anticipated broad recovery.</p> <a href="https://u.today/2445-million-solana-sol-open-interest-hints-at-potential-rebound-ahead">Read original article on U.Today</a>

24.45 Million Solana (SOL) Open Interest Hints at Potential Rebound Ahead

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