Solana close to 1-year high amid declining open interest
Solana has been struggling to reach below the $30 mark since the collapse of the FTX crypto exchange, which brought a bloodbath to the industry. With the recent market-wide bullish sentiment, however, SOL is getting closer to its one -year high while the asset’s open interest (OI) registered consecutive declines over the past week. SOL price, social volume, Binance funding rate, and open interest – Oct. 31 | Source: Santiment According to data from Santiment, Solana’s total OI rose to a whopping $1.252 billion on Oct. 20 as the broader crypto market gained traction. However, as the asset’s price hiked, Solana’s total OI declined. You might also like: Solana Labs unveils incubator for web3 startups eyeing its network This simply suggests that the amount of open derivatives contracts has come lower while it’s still hard to tell which positions, long or short, were dominant over the past ten weeks. According to the market intelligence platform, Solana’s OI registere