Solana’s Open Interest Surpasses $5 Billion
According to data from data analytics platform Coinglass, Solana’s (SOL) Open Interest (OI) has crossed the $5 billion mark. This milestone comes as SOL remains bullish, with the price pushing over $145 on Tuesday. With a surging OI and strong price performance, market watchers await to see how high SOL will climb in April.
SOL Defy Macroeconomic Developments
According to Marketcap data, the price of Solana is $144.5 as of this writing, up 3% from the previous day.
Solana crossed the $140 mark on Tuesday amid a volatile market triggered by macroeconomic and political developments. US President Donald Trump hinted at resuming new tariffs, fueling uncertainty across the crypto market. Top cryptocurrencies like Bitcoin (BTC), Cardano (ADA), and Ripple’s XRP all felt the heat on Tuesday. BTC remains stagnant at $88,000, while ADA and SOL are consolidating at $0.76 and $144, respectively. Despite the lackluster market performance, Solana has recorded daily and weekly gains of over 3% and 14.5%. In addition, the daily trading volume surged by 3.8% to $3.52 billion, indicating renewed investors’ interest.
Many market participants claim Trump’s acknowledgment of the Solana-native TRUMP token has contributed to the latest Solana rally. In a recent study we reported on, the TRUMP memecoin jumped to $12.25 after Trump’s public endorsement. Trump wrote on his Truth Social account, calling the coin “so cool” and declaring, “I LOVE $TRUMP— SO COOL!!! The Greatest of them all.” Traders reacted positively to Trump’s post, with SOL prices rising 2% in the spot markets. The Coinglass data also showed Solana’s open interest surged by $700 million in just 24 hours, crossing the $5 billion mark. SOL OI increased from $4.28 billion to $5 billion, indicating renewed institutional and retail optimism. However, the market’s data reveals the return of speculative traders to the SOL markets after nearly a month of low activity.
Bullish Solana Metrics
The Solana ecosystem witnessed difficulties earlier this month after FTX unlocked millions in SOL tokens to repay creditors. This move sparked fears of selling pressure. As mentioned in our previous news brief, SOL price dropped below the $160 mark following the token unlock announcement. Solana hit a low of $158 on February 24, marking a steep 6.55% drop for the day.
Currently, derivatives metrics signal bullish sentiment swings for SOL in April. In addition to open interest, other major derivatives market indications hint at Solana’s further upward potential. Trading volume surged 7.48% to $10.26 billion, indicating heightened market activity. Additionally, Options Open Interest increased by 4.32%, increasing investor demand for leveraged positions. The rising trading volumes and renewed investor optimism could set SOL towards another breakout in April. Analysts expect a potential test between the $160 and $180 resistance zones in April 2025. In a previous article we discussed, other analysts set a bold $500 target for Solana this year.