๐ฅ $SOL Bulls Charge Ahead: Open Interest Hits New All-Time High! ๐๐
Solana's price keeps going up on Friday after going up about 15% this week.
Derivatives data reveals that #SOL Open Interest has hit an all-time high of $9.71 billion, which implies that investors are confident.
The technical forecast shows that the surge will continue, with targets over $200.
The price of Solana (SOL) is still going up, trading at $183 on Friday after rising about 15% this week. This rise keeps continuing, and SOL Open Interest (OI) hits a new high of $9.71 billion, showing that investors are becoming more confident. The technical picture backs up this bullish thesis, with SOL bulls looking for prices over $200.
The open interest for Solana has reached a fresh all-time high of $9.71 billion.
Coinglass' data reveals that the futures' OI in SOL at exchanges went up to a new all-time high of $9.71 billion on Friday, up from $7.78 billion at the start of this week on Monday. A rising OI means that fresh money is coming into the market and people are purchasing more, which might help the existing Solana price rise.
Also, DefiLlama, a crypto intelligence tracker, says that Solana's Total Value Locked (TVL) has been going up steadily since the end of June and hit $9.87 billion on Friday, which is the highest amount since early February. This rise in TVL shows that SOL's ecosystem is becoming more active and interesting, which means that more people are depositing or using assets in SOL-based protocols.
On Sunday, the price of Solana broke over the daily resistance level of $160 and rose 9% till Thursday. When I wrote this on Friday, it was still going up and getting closer to its next daily resistance level of $184.13.
If SOL does have a correction, however, it might keep going down until it finds support around its daily level of $160.
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