Solana’s Open Interest Soars to Historic Levels | Airdrop Alert Pro

Solana (Sol) trading activity has surged over the past week, with open interest reaching a record $6.68 billion.

SOL’s price looks set to challenge its all-time high of $264, driven by growing optimism in the market.

Solana’s open interest climbs to new highs

Solana’s open interest climbs It rose 14% in the past 24 hours to a record $6.68 billion. The rise comes amid a surge in SOL trading activity, which has caused its price to rise 14% over the past week.

Open interest measures the total number of open contracts, e.g. futures or options. An increase indicates that traders are opening new positions, reflecting increased interest and participation in the market. The rise also points to capital inflows, indicating growing confidence and demand for SOL, which could drive continued gains in altcoin prices.

this Solana’s Open Interest Surges Recently Its social dominance has reached a two-month high of 6.92%, according to Santiment.

Social dominance reflects how often an asset is mentioned on social media and forums. A rise in this indicator indicates growing public interest, which typically drives higher transaction volumes. This heightened focus could push the asset’s price higher as more investors get involved.

SOL price Forecast: All-time highs return to sight

On the daily chart, SOL’s rising Chaikin Fund Flow (CMF) indicates steadily rising demand for the token. At press time, the value was 0.04. This indicator measures the flow of money into and out of an asset. Like SOL, when it rises, it signals growing demand for the asset.

As purchasing pressure increases, SOL price may break out There was a break above the $218.90 resistance level. A successful move above this level would pave the way for a re-tracement of the all-time high of $264.

However, if the sentiment shifts from bullish to bearish, the coin’s Price could drop below $200a possible trading price of $188.96.