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Solana (SOL) has experienced a surge in trading activity over the past week, driving its open interest to a record $6.68 billion.
Fueled by growing market optimism, SOL’s price looks set to challenge its all-time high of $264.
Solana’s Open Interest Climbs to New Highs
Solana’s open interest has climbed 14% in the last 24 hours, reaching a record-high $6.68 billion. This rally comes amid a spike in SOL trading activity, which has driven its price up by 14% over the past week.
Open interest measures the total number of unsettled contracts, such as futures or options. An increase signals that traders are opening new positions, reflecting heightened market interest and participation. This rise also points to an inflow of capital, indicating growing confidence and demand for SOL, which could fuel a sustained price rally for the altcoin.
The recent spike in Solana’s open interest aligns with a surge in its social dominance, now at a two-month high of 6.92%, according to Santiment.
Social dominance reflects how frequently an asset is mentioned across social media and forums. A rise in this metric indicates growing public interest, often driving increased trading volume. This heightened attention can potentially boost the asset’s price as more investors engage with it.
SOL Price Prediction: All-Time High Back in Sight
On the daily chart, SOL’s rising Chaikin Money Flow (CMF) shows a steady rise in the demand for the coin. At press time, this sits at 0.04. This indicator measures the flow of money into and out of an asset. As with SOL, it signals growing demand for the asset when it rises.
With increasing buying pressure, SOL’s price could break through the resistance at $218.90. A successful breach of this level would pave the way for a potential revisit of its all-time high at $264.
However, if sentiment shifts from bullish to bearish, the coin’s price could fall below $200, potentially trading at $188.96.