Solana Reaches 18-Month Highs Amid Dominating Short Positions
If you’ve been keeping an eye on Solana (SOL), you’ll be pleased to hear that it’s up by 14% in the past 24 hours and is currently trading at $67.5. This price level hasn’t been seen since mid-May 2022. As a result, the asset’s market cap has risen to $28.3 billion, solidifying its position as the sixth-largest cryptocurrency.
Additionally, Solana’s 24-hour trading volume has surged by 35%, reaching $4.16 billion.
The data from market intelligence platform Santiment shows that Solana’s total open interest (OI) increased by 12% on Nov. 15, rising from $833.9 million on Nov. 14 to $938 million yesterday.
Furthermore, SOL’s Binance funding rate with USDT reached the 0.02% mark, indicating the dominance of short-position holders, although the exact amounts of short and long trades remain unclear.
Santiment also reports that short SOL traders dominate the dYdX decentralized exchange with a 0.006% rate.
Following the surge, Solana’s social volume saw a 98% increase in the past 24 hours, with Twitter and Telegram being the primary sources of activity, according to Santiment’s data.
A crypto.news report on Nov. 13 noted that Solana dominated crypto conversations as SOL’s price saw a 42% surge that week.
Hot Take: Solana’s Price Surge Indicates Strong Market Interest
The recent surge in Solana’s price and trading volume indicates strong market interest in this cryptocurrency despite dominating short positions. The significant increase in social volume suggests a high level of investor attention and engagement from platforms like Twitter and Telegram. While short-position holders may currently dominate total open interest, the overall market sentiment seems positive for Solana as it continues to perform well and generate significant buzz within the crypto community.
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