Renowned for its lightning-fast blockchain, Solana (SOL) is exhibiting an impressive reversal from a multi-month consolidation, posting its two greatest performances consecutively.
Steven Strazza, a market expert, claims that this trend indicates not just Solana’s increasing power but also a broader increase in the market’s scope for cryptocurrencies.
SOL has increased by more than 14% in the last day.
https://x.com/sstrazza/status/1763232773643366650?s=20
Solana derivates market heats up
The most recent data from CoinGlass indicates a significant increase in the Solana derivatives market. At $15.45 billion, trading volumes in Solana’s futures have increased significantly—by more than 58%.
At $2.24 billion, open interest—the total amount of outstanding derivative contracts that have not yet been settled—has also surged significantly by about 30%, suggesting that traders are becoming more committed.
Both volume and open interest in the options market have increased significantly, suggesting increased market activity and expectations for future price moves.
According to exchange statistics, Binance is in the lead with the biggest open interest for SOL futures at $944.34 million. It also has the largest volume on the charts, with a whopping $7.65 billion.
Solana shorts getting hammered
Since Solana’s price movement has intensified, there has been some volatility in the market. Significant liquidations are shown by “Rekt” data, a word used informally to describe the value of holdings that have been liquidated as a result of abrupt price movements, over a range of time periods.
Compared to $432.98K in short positions (bets against the price), $1.50 million worth of long positions (bets that prices would climb) were liquidated in the last hour alone.
The total amount of liquidations for Solana (SOL) dealers during the last 24 hours was $22.80 million.
