Solana’s Futures Open Interest Drops 47%, Price May Fall Below $130

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The Key Points in Brief

Solana (SOL), a leading cryptocurrency and blockchain platform, is experiencing a significant drop in a key indicator: Futures Open Interest has fallen by 47%. This could have profound effects on the price of SOL, with the possibility of a drop below the $130 mark.

A Closer Look at Solana’s Futures Open Interest

The Futures Open Interest of Solana, which measures the total value of all unsettled or closed futures contracts, has reached its lowest level since February 27. A decline in this area indicates that an increasing number of market participants are closing their trading positions without opening new ones. Current data from Coinglass shows that Solana’s Futures Open Interest currently stands at $1.79 billion.

Network Activity and User Interest on the Decline

An analysis of Solana’s network activity shows a decline in the number of active addresses in April. The unique addresses that have carried out transactions on Solana amounted to 34 million, representing an 11% decrease from the previous month. Also, the number of new users making transactions on the Solana network for the first time fell by 11% to 25 million. This decline in user activity led to a significant drop in Solana’s monthly transaction volume, which fell from $148 trillion in March to $7.32 trillion in April.

Price Development and Market Sentiment

At the current time, SOL is trading at a price of $135.10, representing a decline of over 30% in the last week. An analysis of the price development on a 3-day chart shows the formation of a descending triangle, with the price of SOL finding support at the $128 mark. Should market sentiment continue to deteriorate, SOL could test this support again and fall below $130. The Elder-Ray Index, an indicator of the balance of power between buyers and sellers, is currently negative, indicating a dominance of bears in the market.

Our Assessment

The current data and trends suggest that Solana is in a critical phase. The significant drop in Futures Open Interest, coupled with a decline in network activity and user interest, raises concerns about the short-term price development of SOL. Investors and users should closely monitor these developments and act cautiously. However, a change in market sentiment could also mean a positive turn for SOL and lead to a recovery in price.

Sources: Coinglass, The Block, CoinMarketCap

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