Future

Cardano

Solana

Bitcoin

April

<p>Solana’s open interest (OI) has dropped 21% compared to the previous day, while its price has dipped below levels not seen in over a month.&nbsp;</p> 
<p>Solana’s OI, which measures the total value of outstanding futures contracts, stood at $1.62 billion on April 14, down significantly from the previous day, according to <a href="https://www.coinglass.com/pro/dashboard" target="_blank" rel="noopener" data-wpel-link="external">CoinGlass data</a>. This mirrors a broader decline across the cryptocurrency market, with top altcoins like XRP, Dogecoin, and Cardano also experiencing double-digit drops in the past 24 hours.</p> 
<div class="wp-block-image"> 
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  <img decoding="async" src="https://lh7-us.googleusercontent.com/lOdyVbX1Jc5aL56WJbqWKA0fd7lO0rtWA3G7wkO-3QdoBjR5-vPQMH6lAf9giv5UI39joTO-DAA6IaAJEduHwFXRz_E2XcRXYdBpiWMyYqcvGY3B32mXP_7yIEGULST1Ji1qX7GOCvMe8cOLMs37mso" alt="Solana (SOL) Future Open Interest">
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   <strong><em>Solana (SOL) Future Open Interest| Image Source: CoinGlass</em></strong>
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<p>Solana’s price has fallen 11% over the same period, currently trading at around $144. This price decline has erased $36.55 million worth of traders’ long positions, disappointing those hoping for a price spike leading up to the upcoming Bitcoin halving event.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter">
  <img decoding="async" src="https://lh7-us.googleusercontent.com/4iAVaF5M4DA3V45V66yILHrzkyyMmhQEpioUf36wOwmTWwG7Ojpi5dNtX8Cvr8znnZRML5XHyQvLC703bqTK5yLQ05QN1DPdFlEKNN1MZQRJCVWq2kYUxJ5oXmFVuj0l7nbF1NxmC0H7opYeCBxa8og" alt="Solana Price Chart">
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   Image Source: <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener" data-wpel-link="external">Coinmarketcap</a>
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<p>Despite the downturn, traders remain cautiously optimistic, viewing the current market conditions as a “good opportunity to scale into high conviction tokens.” However, on-chain analysis suggests that Bitcoin drawdowns have been much worse in previous “euphoria phases,” hinting that the altcoin market may have further to fall.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p><strong>Also Read: </strong><a href="https://www.cryptotimes.io/2024/04/14/crypto-prices-drops-amid-tensions-between-iran-and-israel/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal"><strong>Crypto Prices Drop Amid Tensions Between Iran and Israel</strong></a></p> 
</blockquote>

Solana’s Open Interest Plunges 21% as Price Dips

The Crypto Times

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