The price of Solana has fallen sharply, showing the current trend in the cryptocurrency market. Consequently, open interest in Solana has also followed the trend of the digital asset. According to data from CoinGlass, open interest in Solana is down by 21% at $1.6 billion in the last 24 hours.
Solana price slump leads to drop in open interest
Open Interest is the total value of Solana Futures contracts across exchanges yet to be settled. Presently, Solana is down by 11%, trading around $136 according to data from CoinGecko.
The drastic slide in the price of Solana also erased long positions held by traders worth around $36.55 million. The affected traders anticipate the asset’s massive price spike before the upcoming Bitcoin halving.
The bearish trend in the market is also obvious in the performance of other cryptocurrencies in the top 10. XRP experienced a drop of about 12.12% with Dogecoin following closely with a 10.86% drop in the last 24 hours. Cardano also dropped by 10.20%. Despite the market being volatile, traders are still confident about the overall outlook in the coming days.
Traders and analysts discuss their perspectives
The general market decline has also led popular traders and analysts to urge investors to scale into tokens with high convictions. Others also think this is the best opportunity to hold spot positions and not capitulate. Popular trader GCRClassic advised traders on X to see out the market turbulence and not be shaken out as the future is still bright.
Furthermore, some traders feel that the change in the fortunes of altcoins is closer than most people feel. For example, crypto entrepreneur Kyle Chasse expects a surge of about 20-30% in the altcoins market by Monday. However, analysis firm Glassnode has noted that this might not be the case due to the trend of Bitcoin drops in previous market cycles. The firm also explained that traders have always used that as an indicator to assess the rest of the market.
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