SOL Open Interest Surges Sharply, Bullish Signals Could Push Solana Price Higher
Solana Price Rises as Open Interest Hits $5.24 Billion, Can SOL Rally Toward $80?
Solana (SOL) surged around 4% over the past 24 hours to $71.80, extending its strong performance among major cryptocurrencies. The gain outpaced Bitcoin (BTC), which rose only 1.24% to $60,372, while the broader crypto market posted a modest 0.60% increase.
The total crypto market capitalization is now hovering around $2.08 trillion, as investors gradually return to altcoins.
SOL has emerged as one of the leaders in the crypto market recovery, climbing more than 5% in a single day, making it the top-performing asset among the top 10 cryptocurrencies by market capitalization.
SOL Open Interest Climbs as Futures Activity Increases
Market attention toward Solana intensified after SOL open interest jumped 10%, signaling rising activity in the derivatives market, particularly futures trading.
An increase in open interest typically suggests new positions entering the market. When combined with rising prices, it is often seen as a bullish signal.
Traders are now watching closely to see whether the momentum is strong enough to push SOL back toward the key psychological level of $80.
Meanwhile, market sentiment is also being shaped by global regulatory developments. Full implementation of Europe’s MiCA (Markets in Crypto-Assets) regulation is forcing crypto companies to secure official licenses.
In the United States, investors are also awaiting the implementation of the CLARITY Act, which is expected to provide greater regulatory certainty for digital assets.
Solana Open Interest Reaches $5.24 Billion
Derivatives market data shows mixed conditions.
SOL trading volume fell 19% to $9.99 billion, suggesting weaker short-term participation from traders.
However, open interest rose 3.30% to $5.24 billion, indicating that many traders are still maintaining leveraged positions in the market.
Options activity also surged significantly, with options trading volume rising 27.79% to $22.27 million.
Meanwhile, options open interest increased 17.14% to $49.47 million, signaling that traders are preparing for potentially larger price swings in the near term.
Solana ETFs Record Capital Outflows
According to data from Sosovalue, Solana ETF products recorded a net outflow of $3.94 million in one trading day.
Total assets under management for Solana ETFs currently stand at approximately $755.51 million.
Bitwise’s BSOL ETF was the only product to post daily inflows, adding $1.99 million.
Overall, BSOL has accumulated $889.86 million in total inflows, the highest among all Solana ETF products.
Despite the outflows, most Solana ETF products still recorded daily gains of nearly 10%.
SOL Holds Above $70, Eyes Next Target at $80
At the time of writing, SOL is trading around $71.93 after rebounding from the $65 support zone.
Technically, the price had been moving within an ascending channel pattern before bullish momentum started slowing near the $75 resistance level.
The Relative Strength Index (RSI) stands at 55.77, indicating balanced market strength while still leaving room for further upside.
Meanwhile, the MACD indicator remains in positive territory, although bullish momentum has started to cool slightly.
If SOL manages to break above the $75 resistance, the next upside target could be $80.
Should trading volume increase further, SOL may continue its rally toward $84.
However, if the price falls below $70, bullish momentum could weaken, potentially sending SOL back to retest support at $68, or even down toward $65.
