Solana Faces Sharp Decline in Open Interest and Price Amidst Broader Cryptocurrency Market Downturn

This downturn resulted in the liquidation of $36.55 million in long positions for traders, dampening the optimism of those who anticipated a price surge prior to the Bitcoin halving scheduled for April 20.

In the last 24 hours, the cryptocurrency market, including Solana, has witnessed a significant decline. Solana’s open interest (OI) dropped to $1.62 billion, marking a 21% decrease from the previous day.

CoinGlass data reflects this slump in OI, which represents the total unsettled value of all Solana futures contracts across exchanges.

Concurrently, Solana’s price decreased by 11% to $136.54, according to CoinMarketCap.

This downturn resulted in the liquidation of $36.55 million in long positions for traders, dampening the optimism of those who anticipated a price surge prior to the Bitcoin halving scheduled for April 20.

Similarly, other major cryptocurrencies also faced declines, with XRP, Dogecoin, and Cardano dropping 12.12%, 10.86%, and 10.20% respectively.

Despite the market’s current state, the sentiment among traders remains somewhat positive.

A notable trader, GCR Classic, after a long period of silence, resurfaced on social media platform X on April 14, advising his 273,500 followers that the downturn poses “a good opportunity to scale into high conviction tokens.”

READ MORE: XRP Shows Signs of Recovery Ahead of Bitcoin Halving, Poised for Bullish Reversal in 2024

Moreover, on April 13, crypto entrepreneur Kyle Chasse optimistically predicted on X that altcoins might increase by 20-30% by the following Monday.