BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Solana Open Interest Spikes, Funding Rate Struggles; What It Means for SOL Price?

Solana Open Interest Spikes, Funding Rate Struggles; What It Means for SOL Price?
The Solana price action was largely battered after the collapse of FTX, which brought prices down by over 60% in just ten days. While the SOL price managed some minor gains in the last week, larger market blues still plagued it.



On Nov. 24, a whiff of fresh gains pushed SOL price by over 20% from the multi-month low of around $10. After losing the $30 level, the Solana price fell straight through $20 and oscillated around $14 at press time. 



While spot market price action was largely Bitcoin-dependent, Solana made some strides in the futures market. 



Solana open interest pumps 



The values of open interest and funding rates help understand which way the market is headed and whether the price trend could change. Open interest for Solana saw a more than 7% rise alongside largely bearish price action. SOL open interest stood at $251.5 million at press time. 



Solana open interest | Source: Coinalyze



With open interest rising and price action still largely bearish, it could signal more short positions being opened in the market. The funding rate was still negative, which meant that short-position traders were dominant and were willing to pay long traders. This is typical of a bearish trend. 



Solana funding rate  | Source: Coinalyze



The overall outlook suggested a prolonged recovery as bears dominated bulls. However, with the bearish trend already weakening, a relief rally like the one that recently took place wasn’t surprising. 



SOL development on point, but traction remains low 



Despite the larger bearish price structure, SOL still had glimmering development activity. Development activity appreciated throughout November, while the development activity contributors metric maintained above-average levels. 



Solana development activity and development activity contributors | Source: Sanbase 



However, the social volumes for Solana still presented no major social media activity around the asset. Total weighted sentiment for SOL was still negative, while social dominance also took a hit. 



Social metrics Solana (SOL) | Source: Sanbase 



That said, a massive uptick in volatility helps explain the recent 20% gains.



Solana volatility | Source: Messari 



Volatility is at a six-month high, which has led to significant swings. However, with volatility peaking, SOL traders can likely expect similar swings in either direction in the near term. 



For the SOL price, the $20 psychological resistance could make play an important role in confirming recovery. If the bearish price action takes over, prices could potentially test the $8 level as support. 
The post Solana Open Interest Spikes, Funding Rate Struggles; What It Means for SOL Price? appeared first on BeInCrypto .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Solana Open Interest Spikes, Funding Rate Struggles; What It Means for SOL Price?


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script