37.57 Million Solana Committed In Open Interest as Golden Cross Widens
The post 37.57 Million Solana Committed In Open Interest as Golden Cross Widens appeared on BitcoinEthereumNews.com.
Solana (SOL), has seen an uptick in investor interest. In the last 24 hours, Solana’s open interest increased by 1.86% as investors committed almost 38 million SOL in futures market. Binance Leads the Charge as Open Interest Hits 38 Million SOL CoinGlass data reveal that SOL traders deployed $5.63 billion in the asset’s future contracts. This indicates new funds being invested in SOL as confidence grows among investors, rekindling their interest in the coin. If sustained, the development could spark an increased buying pressure for SOL and support its appreciation in the short term. The CoinGlass data reveals the distribution of Open Interest across major exchanges, as Binance leads with 8.76 million SOL worth $1.30 billion. Bitget, Gate.io, and Bybit followed with 6.52 million SOL, 4.69 million SOL, and 4.35 million SOL, respectively. In that order, the fiat value of the Solana (SOL) units committed was $967.08 million, $695.64 million, and $645.66 million. The spread across different exchanges shows a broad engagement in the cryptocurrency market. This is despite the volatility that has characterized the price in the last 24 hours. This development highlights traders’ confidence in SOL’s future outlook. As of this writing, the Solana price was up 0.87% to $146.83. In earlier trading, the coin had flipped the $150 level and climbed to $151.73. Many anticipated further jumps to $180 as sentiments turned bullish. However, SOL witnessed a correction. Solana Price To Benefit From Golden Cross Formation Meanwhile, other technical indicators around Solana suggest possible bullish momentum. Solana’s golden cross formation is widening as the short-term moving average crosses above its long-term moving average. SOL/USDT Daily Chart | Source: TradingView The combination of this golden cross and the uptick in Open Interest indicates strong bullish momentum for Solana This development could set SOL up for a price rally…
