Solana price breached the $248 mark on Monday, marking a 60% gain over the past 14 days.
Amid positive speculation on VanEck’s SOL ETF, Solana ’s largest memecoin, BONK, announced plans to burn 1 trillion tokens within six weeks. Solana open interest has crossed $5 billion for the first time, reflecting $2.9 billion in capital inflows since November 4. Solana price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Coinglass’ Open Interest chart below tracks the real-time value of active future contract positions listed for particular assets. Solana price vs Open Interest | Source: Coinglass Solana open interest stood at $2.7 billion as of November 4. But amid growing memecoin speculation on Solana ETF approval, the SOL open interest has since increased by $2.88 billion to reach the $5.64 billion mark at press time on November 18. This increase in Solana open interest is significant for two key reasons.
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