Over the past 11 days, Solana [SOL] has recorded a significant uptrend on the chart. In fact, a few weeks after hitting a local low of $155 earlier this month, the altcoin soared to a high of $225, up 45.15%.
On the daily chart, #SOL is up 4.67%. On the weekly and monthly charts, the altcoin also rose by 9.85% and 44.46%, respectively.
Needless to say, the recent market situation has raised some questions about the factors behind the above-mentioned growth. According to AMBCrypto’s analysis, one of the factors supporting the uptrend is the increased demand and interest in SOL. 1
The growing demand and interest in #altcoins can be evidenced by the fact that investors are constantly opening new positions.
According to Coinglass, the open interest in #Solana futures has increased over the past 24 hours and reached a new ATH level on the chart.
In comparison, the open interest in the altcoin reached a record high of 4.68 billion. This increase in open interest indicates an increase in demand for altcoins, with new investors opening new positions and existing investors trading.
Usually, an increase in open interest means that an asset is in high demand among investors. In addition, they expect further growth on the chart.
As the overall #cryptocurrency market is growing and the total market value reaches $3 trillion, Solana owners see their potential in this bull market. This encourages them to maintain their positions and attract new ones.
What does the sol chart tell us?
Recently, the demand for Solana, especially for long positions, has increased. The demand for futures is evidenced by the fact that the market is dominated by long position holders.
The daily chart of Solana’s constant position (long/short) showed that long positions dominated 82.56%, while short positions dominated 17.44%.
This means that most investors are betting that the price of the cryptocurrency will rise.
demand for long positions is supported by the positive funding rate dYdX.
What’s next for Altcoin?
Read us at: Compass Investments
#BlockchainFuture
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
