Solana (SOL) Open Interest Up 1.86% as Investors Commit Almost 38 Million SOL in Futures Market

Solana (SOL) has seen an uptick in investor interest, leading to an increase in futures market activity.

According to CoinGlass data, Solana’s open interest rose by 1.86% in the last 24 hours.

This signals that more investors are committing to the cryptocurrency.

In the past day, almost 38 million SOL were added to futures contracts, indicating new funds are being deployed in the asset.

This is also evidenced by the increase in the coin’s price.

The solana price today is up 0.87% to $146.83. Earlier in the day, the coin flipped the $150 level and rose as high as $151.73.

Many had anticipated further jumps to $180 as sentiments turned bullish. However, SOL saw 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.

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 year ends 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.