Predictions for Solana's Value: Record-High Open Interest of $6.5 B

Tuesday saw a little decline in the price of Solana after a 12% increase last week.

Open interest in SOL hits a new record high of $6.48 billion on Tuesday, and on-chain statistics shows that this is a positive development.

The bullish premise would be rendered invalid if the daily candlestick closes below $260.

Following a weekly gain of almost 12%, the price of Solana (SOL) is trading somewhat lower on Tuesday. A new all-time high of $6.48 billion was reached by SOL's open interest on Tuesday, and on-chain data suggests that the rise may continue.

Bullish sentiment persists in Solana

On Friday, the price of Solana rose 4.6% and surpassed the declining trendline that has been established by linking many high points since mid-November. The price is somewhat lower at roughly $216 as of Tuesday's writing.

If the support level at the trendline breakout, which is also the 50-day EMA at $206, remains intact, the price of Solana can continue to rise and retest the $230 level that acts as daily resistance.

As shown on the daily chart, the Relative Strength Index (RSI) is now at 56, which is higher than its neutral level of 50, suggesting that there is bullish momentum. Additionally, on January 1, the MACD indicator indicates a bullish crossing, indicating that the upswing will continue.

Checking Solana's Open Interest (OI) gives the bullish forecast an extra lift. The open interest (OI) in SOL at exchanges for futures increased from $4.25 million on January 1 to $6.48 million on Tuesday, a new ATH, according to data from Coinglass. An increase in OI indicates that more and more money is entering the market and purchasing Solana, which might lead to a price surge in the near future.


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