Solana Open Interest has reached a new high.
Over the past month, #SOL shares have risen 45.18% to an eight-month high.
#Solana [SOL] is trading above its uptrend line for the first time since July. After #bitcoin [BTC] hit a new high of $79,000, most #altcoins followed suit.
Thus, Solana has experienced a strong upward momentum over the past month, reaching an eight-month high.
In fact, at the time of writing, Solana is trading at $205. This is a 25.42% increase from the last week. On the monthly chart, the altcoin is up 45.18%.
the latest market situation shows that the buyers are coming to the forefront and the bearish side is gradually fading away. This is evidenced by the upcoming surge in open interest in Solana.
According to Coinglass data, at the time of publication, open interest in Solana reached a new ATH of $4.28 billion. This is a 42.19% increase from last week.
Such a sharp increase in open interest indicates that more contracts are being opened and confidence is growing among traders and investors. This momentum will play an important role in attracting new buyers and leading to further price increases.
The fact that the majority of investors are taking long positions is also a sign of investor confidence.
According to Coinglass, long holders dominate the market, as evidenced by the ratio of long to short positions. This means that the majority of investors are betting on rising prices.
This demand for long positions is supported by the positive funding ratio of the DyDx exchange.
This indicates that long holders are willing to pay to hold short positions during market downturns.
This phenomenon is also illustrated by the higher liquidation value of short holders compared to long holders. This means that traders are willing to hold on to future bets while shorts are forced to liquidate.
What is the impact on the SOL?
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