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.
However, on top exchanges such as Binance and OKX, it’s a very different story. The ratio on Binance is 3.1806, and on OKX, it reaches 3.111, suggesting that more traders are putting their money on the price rising.
However, liquidations have varied. During the past hour, long positions lost $1.216 million and short positions lost $6.64 million, pointing to a possible upward trend. There are also times when trends move downward. There has been a 44.84% drop in volume in the options market to $958.68K.
This could indicate that not many traders believe in major price changes, so they are choosing to stay more stable with their SOL. This CoinGlass data suggests growth potential, especially on Binance and OKX, while the rising volume and open interest are encouraging signs.
SOL sees short-term pullback amid active trading
Meanwhile, CoinMarketCap data shows that SOL experienced a 4.31% price decline over the past 24 hours, trading at $149.48 at the time of writing. Solana has a “Profile Score” of 66%, indicating that the platform has the potential to improve.
Watching for improvements in the network and changes in the ecosystem can help traders forecast both price fluctuations and the rate of people using the coin.
SOL price has been fluctuating between $157.50 and $148.00 these days. Hence, those focused on Solana’s DeFi and NFT activity may look at the pullback as an opportunity to get in at a cheaper price.
Solana whales have been making big moves lately. Whale Alert data showed that 661,113 SOL was moved by an unidentified wallet to another unidentified wallet.
