Solana (SOL) has been on a tear, with its price surging towards a new all-time high and fueling optimism among traders and investors to the point the altcoin’s upward momentum has seen open interest on it surge past the $5 billion mark.
According to data from CoinGlass, open interest on Solana derivtives products – futures and options – has surged rom around $4.5 billion earlier in the week to a new $5.6 billion all-time high, before correcting slightly to $5.55 billion at the time of writing.
The lion’s share of open interest is on leading cryptocurrency exchange Binance, which has $2.16 billion in open interest on Solana products, followed by Bybit with $1.51 billion and by Bitget with $659 million.
SOL Open Interest. Source: CoinGlass
As CryptoGlobe reported, Solana surged past BNB to become the fourth-largest cryptocurrency by market capitalization earlier this month as it outperformed most other digital assets.
Solana is up more than 16% over the past week to now trade at $246 per token, giving it a total market capitalization of $116.86 billion, above BNB’s $89 billion. Its upward momentum is seeing it challenge Tether’s stablecoin USDt to become the third-largest digital asset by the metric, with USDt currently sitting at $128.2 billion.
Solana’s price has benefitted from Republican presidential candidate Donald Trump securing a victory in the US elections. A Trump victory was widely expected to help boost Bitcoin’s price, as the former U.S. President has expressed strong support for the cryptocurrency sector.
Trump has vowed to fire the Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler, who’s led a series of regulatory crackdowns on the cryptocurrency industry.
A Trump victory may also be boosting Solana’s price as the perceived odds of a spot Solana exchange-traded fund (ETF) being listed are likely to grow as a result. As reported Canary Capital Group has recently taken its first step to list a spot Solana ETF in the US.
Featured image via Unsplash.
