Solana’s open interest (OI) has dropped 21% compared to the previous day, while its price has dipped below levels not seen in over a month.
Solana’s OI, which measures the total value of outstanding futures contracts, stood at $1.62 billion on April 14, down significantly from the previous day, according to CoinGlass data. This mirrors a broader decline across the cryptocurrency market, with top altcoins like XRP, Dogecoin, and Cardano also experiencing double-digit drops in the past 24 hours.
Solana’s price has fallen 11% over the same period, currently trading at around $144. This price decline has erased $36.55 million worth of traders’ long positions, disappointing those hoping for a price spike leading up to the upcoming Bitcoin halving event.
Despite the downturn, traders remain cautiously optimistic, viewing the current market conditions as a “good opportunity to scale into high conviction tokens.” However, on-chain analysis suggests that Bitcoin drawdowns have been much worse in previous “euphoria phases,” hinting that the altcoin market may have further to fall.
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