The open interest for Solana has decreased by 21% compared to the preceding day, and its price has fallen below prices last observed over a month ago.
The Outstanding Open Interest (OI) on Solana’s futures contracts amounted to $1.62 billion on April 14, as reported by CoinGlass. This represents a considerable decrease compared to the previous day. This downward trend is consistent with the broader cryptocurrency market, where notable altcoins such as XRP, Dogecoin, and Cardano have experienced double-digit percentage drops within the last 24 hours.
Over the past period, the value of Solana has dropped by 11%, now hovering around $144. This price drop has resulted in a loss of approximately $36.55 million for traders holding long positions, dampening the expectations of those anticipating a price surge prior to the upcoming Bitcoin halving event.
Although the economy is facing a slump, traders continue to harbor hopeful expectations, regarding the present market scenario as an “auspicious time to gradually invest in strongly believed-in cryptocurrencies.” Nevertheless, data from blockchain analysis reveals that Bitcoin’s price drops have historically been more severe during periods of “exuberance,” implying that the altcoin sector might experience greater declines.
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2024-04-14 11:48