Traders focus on SOL as it is at a high time frame value level

According to ChainCatcher, trader Eugene Ng Ah Sio explained why he was interested in SOL:

In the SOLBTC, SOLETH, and SOLUSD trading pairs, SOL is at or near high timeframe value levels.

Valuations below $200 provide an entry opportunity for longs, with funding rates falling into negative territory, indicating that perpetual contract hedging is ongoing.

Open interest is almost unchanged and SOL is used as a hedge for the short side of a portfolio as its momentum weakens. If these levels fail, it will enter the danger zone.