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Open interest in Solana futures rose to a ten-month high

#Solana (SOL) topped the rating of the main altcoins, which showed the largest growth in October.

During the week, the value of this cryptocurrency soared by 34%, and in monthly terms, the SOL exchange rate strengthened by 25%.

On the night of Tuesday, October 24, Solana rose to $ 29.7. Altcoin capitalization is just over $ 12.385 billion, and the volume of daily trading exceeds $ 1.225 billion.

Last November, before the collapse of the FTX exchange, the altcoin was trading at $36.77.

However, by the end of December, it had collapsed to $9.75. This mark became the bottom for him, and his ascent resumed in January 2023.

The rise of #Solana has led to increased interest in altcoin in the futures market.

The amount of open contracts on the eve exceeded $ 420 million – this is the maximum since mid-January.

On the Binance and Bybit exchanges, interest in SOL futures increased to $177.09 million and $120.26 million, respectively. This is evidenced by the data of the Coinglass platform.

Analyst Raul Pal stressed that in ten months the cost of Solana has increased by 171%.

In his opinion, altcoin has a real chance of a breakthrough to $50 if it can gain a foothold above $30 in November and transform this mark into a support zone.