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Solana’s open interest and price have both decreased in the past 24 hours, mirroring a broader downturn in the cryptocurrency market. Despite this, investors maintain optimism, seeing the decline as a possible opportunity for investment.

In the past 24 hours, Solana’s open interest and price have both declined, which mirrors a general downturn in the cryptocurrency market. Despite this setback, investors maintain optimism and view it as a favorable opportunity. According to CoinGlass data from April 14th, Solana’s open interest fell by approximately 21% to $1.62 billion compared to the previous day.

Solana Price Declines Amidst Market Downturn

Open interest measures the total value of all outstanding or unsettled Solana futures contracts on exchanges. According to CoinMarketCap data, Solana’s price experienced a 24-hour drop of 11%, trading at $136.54 at the time of writing. This sudden decline in price wiped out investors’ long positions worth $36.55 million, disappointing those who anticipated a price increase ahead of the upcoming Bitcoin halving event on April 20th.

The top 10 cryptocurrencies also witnessed a similar decline during this period. XRP experienced the most significant drop of 12.12% in the last 24 hours, closely followed by Dogecoin with a 10.86% decrease, and Cardano with a 10.20% decrease. While the duration of this downturn remains uncertain, investors maintain a positive outlook for the general altcoin market