Solana (SOL), known for its high-speed blockchain, is exhibiting a notable breakout after a several-month consolidation, achieving its two best consecutive performances.
Solana (SOL), known for its high-speed blockchain, is exhibiting a notable breakout after a several-month consolidation, achieving its two best consecutive performances.
According to market analyst Steven Strazza, this move not only shows Solana’s growing strength, but also reflects a further expansion in the breadth of the cryptocurrency market.
SOL is more than 14% in the last 24 hours.
Solana derivatives market heats up
The Solana derivatives market has seen a notable rebound, according to the latest data from CoinGlass. Solana futures trading volumes have increased by more than 58%, reaching a substantial $15.45 billion.
Open interest, which is the total number of outstanding derivatives contracts that have not been settled, has also increased sharply by almost 30%, indicating increased commitment from traders, now at $2.24 billion.
In the options market, both volume and open interest have seen significant growth, suggesting increased market activity and anticipation of future price movements.
Exchange data reveals that Binance leads with the highest SOL futures open interest at $944.34 million, while also dominating the volume charts at a staggering $7.65 billion.
Solana shorts getting hammered
Now that Solana price action has intensified, the market has not been without turbulence. Over several time periods, “Rekt” data (a colloquial term for the value of positions liquidated due to sudden price movements) shows significant liquidations.
In the last hour alone, $1.50 million worth of long positions (bets that prices will rise) were liquidated, compared to $432.98 thousand worth of short positions (bets against the price).
In the last 24 hours, total liquidations from Solana (SOL) traders amounted to $22.80 million.
