Solana open interest sheds nearly $440M as price slumps 11%

In the last 24 hours, both Solana’s open interest (OI) and its price have decreased in harmony with the overall crypto market downturn. Yet, traders remain hopeful, regarding this as a promising “buying opportunity.”

April 14th saw Solana’s open interest (OI) at around $1.62 billion according to CoinGlass, representing a nearly 21% decrease compared to the previous day. Open interest refers to the total value of all ongoing or unsettled Solana futures contracts across various exchanges.

Currently, Solana is priced at $136.54 according to information from CoinMarketCap. This represents a decrease of 11% in value over the previous 24 hour period.

Solana open interest sheds nearly $440M as price slumps 11%

Over the last 24 hours, XRP (XRP), the next 10 leading cryptocurrencies have experienced similar decreases. Among them, XRP saw the steepest drop at 12.12%, while Dogecoin (DOGE) followed closely with a 10.86% decrease. Cardano (ADA) came in third with a decline of 10.20%.

Despite the uncertainty about the timeframe for this market slump in altcoins, most traders remain optimistic about the market as a whole.

After more than a year of quietness, prominent trader GCR Classic spoke up to his 273,500 followers on April 14, taking advantage of the market-wide price drop to suggest that it’s an excellent time for investing in strongly believed digital tokens, or “scaling into high conviction tokens.”

Solana open interest sheds nearly $440M as price slumps 11%

In a post on April 13, Kyle Chasse, a cryptocurrency entrepreneur, predicted to his audience that they might observe a surge of around 20-30% in the prices of altcoins by the following Monday.

According to Glassnode’s assessment, Bitcoin‘s downturns might not have ended yet, a viewpoint often adopted by traders as a market trend signal.

In a blog post on X dated April 12, they pointed out that price drops, or retracements, have historically reached over 25% during periods of market excitement. Yet, following our recent record highs on March 5, we’ve experienced only two minor corrections of approximately 10%.

This comes after multiple issues with Solana’s network were reported in recent times.

April 9th, according to CryptoMoon’s report, saw intermittent overloading of the Solana blockchain leading some cryptocurrency initiatives to delay their debuts. The Solana team is working diligently to implement a solution by April 15th.

Over the past few weeks, Solana blockchain users have been encountering more frequent network congestion and transaction failure problems. As a result, new projects, particularly those intending to launch tokens, have opted to delay their plans until these technical issues are addressed.

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2024-04-14 09:05