#BlackRockETHPurchase Solana OI Rises to $6.88 Billion: Big Moves Ahead?
A peak in Solana’s open interest shows that major price swings could occur soon
According to the latest data by CoinGlass, Solana (SOL) derivatives' current open interest is $6.88 billion, up 4.03% from the previous day. This may indicate new people are investing in SOL, hoping its price will go higher.
In addition, $11.65 billion worth of Solana derivative contracts were traded, up over 5.46% from the previous day. This rise means that more individuals are trading SOL, which suggests that interest in this cryptocurrency is rising.
The long/short ratio is another important point; it records the trend of investors expecting SOL’s price to increase (long) or decrease (short). Currently, the figure is 0.944, so a larger number of traders are willing to put money on the price dropping
