Solana (SOL) is one of the tokens with the most erratic growth curves in the digital currency ecosystem. At the moment, the price of Solana has fallen, dripping 1.92% to $165.94, a price that is well below the 24-hour high of $180.17 printed earlier.
Solana (SOL) is one of the tokens with the most erratic growth curves in the digital currency ecosystem. At the moment, the price of Solana has fallen, dripping 1.92% to $165.94, a price that is well below the 24-hour high of $180.17 printed earlier.
It remains rare to find such price swings in the market, and while there is clear bearish buying, data from Solana Open Interest (OI) paints a different picture. The IO, by According to data from Coinalyze, it amounts to $2 billion, an increase of 2.37% in the last 24 hours. With a large OI, it becomes evident that the market, seen from a derivatives point of view, is bullish on SOL.
Arman ShirinyanThis bullish turn is important for the digital currency, according to Bloomberg reported Previously, the sale of Solana by FTX Estate came to an end. This is a fundamental update whose importance depends on the large selling pressure placed on the currency by the bankrupt company.
After the collapse of FTX, the exchange explored sufficient avenues through which it could release funds to pay its creditors and users. As one of the largest holders of Solana and other altcoins, the company gained approval to auction these tokens. Companies like Pantera have been the main beneficiaries of these scheduled auctions.
With liquidation fears put aside, market analysts believe Solana can now be allowed to face pricing based on the natural forces of demand and supply. This is likely to provide intense upside to the coin as it is considered undervalued by many.
Gamza KhanzadaevIn recent months, Solana has turned its own fortunes around by addressing its network congestion issues with a fixed deployment on the core network. In addition to the bullish data from Open Interest, Solana has the fundamental support – anchored in ETF projections – that supports its retest of $200 in the medium term.
