Record open interest of $6.5 billion
Tuesday saw a slight decline in Solana's price after a 12% increase last week.
Open interest in SOL hit a new record high of $6.48 billion on Tuesday, and on-chain statistics show this is a positive development.
The bullish hypothesis will become invalid if the daily candle closes below $260.
After a weekly gain of nearly 12%, the price of Solana (SOL) is trading somewhat lower on Tuesday. Open interest in SOL hit a new record high of $6.48 billion on Tuesday, and on-chain data suggests the rally could continue.
Bullish sentiment continues in Solana
On Friday, Solana price rose 4.6% and broke a downtrend line created by connecting several highs since mid-November. The price is slightly lower at around $216 as of Tuesday’s writing.
If the support level at the break of the trend line, which is also the 50-day EMA at $206, remains intact, Solana price could continue to rise and retest the $230 level that acts as daily resistance.