Franklin

Reserve

bullish

Solana

April

Solana price made a strong bullish breakout on Monday as investors embraced a risk-on sentiment ahead of the Fed decision and key earnings.&nbsp; 
The price of Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) rose to a high of $193, its highest point since April 1st. External data shows that the crypto fear and greed index rose to the greed zone of 63, meaning that investors have embraced a risk-on sentiment. 
It also rallied as the futures open interest continued its recovery process. According to <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">CoinGlass</a>, the interest rose to a high of $3.25 billion on Monday, its highest level since April 1st when it reached its all-time high. 
The open interest has been robust after bottoming at $1.77 billion earlier this month as cryptocurrency prices dived. A higher interest is usually a good sign that there is robust demand of an asset, meaning that it may continue rising.&nbsp; 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14287958"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Solana-Price-1.jpeg.webp"> 
 <img loading="lazy" decoding="async" width="2695" height="764" src="https://crypto.news/app/uploads/2024/07/Solana-Price-1.jpeg" alt="Solana price"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Solana futures open interest between December 2023 and July 2024 | Source: <a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="">CoinGlass</a>
 </figcaption>
</figure> 
Notably, Solana is not the only cryptocurrency seeing elevated open interest in the futures market. Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), the biggest coin in the industry, had a record open interest on Monday <a href="https://crypto.news/trump-bitcoin-2024-keynote-bitcoin-reserve/" target="_blank" rel="noreferrer noopener">after Donald Trump</a> and Robert Kennedy made the case for Bitcoin. 
Solana has exciting fundamentals behind it. Data shows that its ecosystem fees have jumped to $2.13 million in the last 24 hours. Participants in Polymarket believe that the blockchain will make higher fees than Ethereum, at least in a single day, this month. 
The number of <a href="https://defillama.com/chain/Solana" target="_blank" rel="">active addresses</a> in the ecosystem has risen to over 1.22 million while key networks like Jito, Marinade, and Kamino have seen strong demand. 
 You might also like: <a href="https://crypto.news/jito-to-introduce-restaking-on-solana/"> Jito to introduce restaking on Solana </a> 
<h2 class="wp-block-heading" id="solana-price-zoomed-past-key-resistance">Solana price zoomed past key resistance</h2> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14287957"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/Solana-Price1.png.webp"> 
 <img loading="lazy" decoding="async" width="3574" height="1986" src="https://crypto.news/app/uploads/2024/07/Solana-Price1.png" alt="Solana price flips key resistance as futures open interest nears ATH - 10"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Solana price chart | Source: <a href="https://www.tradingview.com/symbols/SOLUSD/?exchange=BINANCE" target="_blank" rel="">TradingView</a>
 </figcaption>
</figure> 
Technically, there are signs that this breakout could be real. On the daily chart, the token found a strong bottom at $120.50, where it failed to drop below four times since April. 
It has also moved above the upper side of the symmetrical triangle pattern. In a recent article, we noted that this triangle was a sign of a <a href="https://crypto.news/solana-price-steady-as-traders-spot-extremely-bullish-patterns/" target="_blank" rel="noreferrer noopener">bullish pennant chart pattern</a>, a popular continuation sign. 
Solana also jumped above the crucial resistance point at $188.20, its highest point in May this year. Therefore, the token may continue rising as buyers target the year-to-date high of $210.15.&nbsp; 
Looking ahead, this week will have several macro factors that could impact its prices. Some companies like Franklin Templeton and Blackrock could submit their Solana ETF documents to the Securities and Exchange Commission.&nbsp; 
 You might also like: <a href="https://crypto.news/solana-price-franklin-templeton-spot-etf/"> Solana price steady as Franklin Templeton eyes spot ETF </a> 
The Federal Reserve is expected to signal that it will start cutting interest rates in its September meeting on Wednesday. Such a move will be positive for risk assets like Solana and Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>). 
Meanwhile, the biggest companies in the US like Amazon, Microsoft, Meta Platforms, and AMD will publish their financial results. Last week, the mixed earnings by companies like Tesla and Alphabet led to a big drop in US equities and some cryptocurrencies. 
 Read more: <a href="https://crypto.news/30-solana-celebrity-memecoins-launched-in-june-most-are-dead/"> 30 Solana celebrity memecoins launched in June; most are dead </a>

Solana price flips key resistance as futures open interest nears ATH

Table of Contents

crypto.news

Other articles published on Jul 29, 2024

Kamala Harris Leverages Crypto Influence to Counter Donald Trump’s Campaign Edge

No Of Investors Buying NFTs Have Surged 37% In The Past 7 Days – CryptoSlam

Kennedy’s Strategic 4 Million Bitcoin (BTC) Reserve Plan Could Revive the US and Global Economy

Hong Kong’s Bitcoin Ambitions: Lawmaker To Discuss Reserve Opportunities With Industry Players

What is Firo Coin?

DOP Launches on Polygon PoS to Enhance Data Ownership in Web3 (29 Jul)

Join our free newsletter for daily crypto updates!