Meanwhile, Solana's rising OI coincides with increasing funding rates, a fee paid by one side of the perpetual contracts to the other every 8 hours. A positive funding rate typically means that longs (buyers) are dominant in the market, i.e., they're paying shorts (sellers).
Earlier this week, $SOL funding rate increased to 0.035% per eight hours. This funding rate represents a 0.735% weekly cost for leverage longs, suggesting strong bullish sentiment in the market.
