Solana (SOL), has seen an uptick in investor interest. In the last 24 hours, Solana’s open interest increased by 1.86% as investors committed almost 38 million SOL in futures market.
Binance Leads the Charge as Open Interest Hits 38 Million SOL
CoinGlass data reveal that SOL traders deployed $5.63 billion in the asset’s future contracts.
This indicates new funds being invested in SOL as confidence grows among investors, rekindling their interest in the coin.
If sustained, the development could spark an increased buying pressure for SOL and support its appreciation in the short term.
The CoinGlass data reveals the distribution of Open Interest across major exchanges, as Binance leads with 8.76 million SOL worth $1.30 billion.
Bitget, Gate.io, and Bybit followed with 6.52 million SOL, 4.69 million SOL, and 4.35 million SOL, respectively.
In that order, the fiat value of the Solana (SOL) units committed was $967.08 million, $695.64 million, and $645.66 million.
The spread across different exchanges shows a broad engagement in the cryptocurrency market.
This is despite the volatility that has characterized the price in the last 24 hours. This development highlights traders’ confidence in SOL’s future outlook.
As of this writing, the Solana price was up 0.87% to $146.83. In earlier trading, the coin had flipped the $150 level and climbed to $151.73.
Many anticipated further jumps to $180 as sentiments turned bullish. However, SOL witnessed a correction.
Solana Price To Benefit From Golden Cross Formation
Meanwhile, other technical indicators around Solana suggest possible bullish momentum.
Solana’s golden cross formation is widening as the short-term moving average crosses above its long-term moving average.
The combination of this golden cross and the uptick in Open Interest indicates strong bullish momentum for Solana
This development could set SOL up for a price rally toward the psychologically important $200 mark.
It is worth noting that SOL has not retested the $200 price level since slipping below the support zone during the second week of February 2025.
However, SOL has demonstrated resilience despite broader market volatility. The coin climbed from a low of $141 within the last seven days to its current level.
SOL’s chart indicates the formation of higher lows and might signal bullish momentum toward the $155 resistance level.
SOL’s impressive recovery suggested increased buying pressure, leading to price appreciation despite the prevailing volatility.
Bold Predictions Point to $400 Target by Year-End
Some analysts predict that if SOL reclaims the $200 level, it could post even more impressive figures.
However, the coin would have to overcome the $210 resistance level. If SOL fails to break its key resistance levels of $155, $183, and $210, this could trigger bearish pressure as holders may sell off in a profit-taking move.
For Solana to flip its all-time high (ATH) of $294.33, which it achieved in January, the ecosystem has to be supported by active accumulation of the coin.
Interestingly, analysts like Raoul Pal have made bold predictions on the possible price trajectory of SOL. The optimism remains that SOL could hit $400 before the end of 2025 if the bullish trend continues.
As reported by TheCoinRepublic, Solana recently broke out of a falling wedge, which could support the asset’s rebound journey.
