Solana price flips key resistance as futures open interest nears ATH

Solana price made a strong bullish breakout on Monday as investors embraced a risk-on sentiment ahead of the Fed decision and key earnings. 

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. 

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.

Solana price zoomed past key resistance

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.

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. 

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. 

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.