Solana’s price falls to levels not seen in more over 30 days, resulting in a 21% decrease in open interest in the past 25hours. In the last day, Solana’s price and open interest (OI) have decreased, reflecting a general downturn in the cryptocurrency market. Still, traders are upbeat, seeing it as a “good opportunity.”
According to CoinGlass data, Solana’s OI on April 14 was $1.62 billion, down almost 21% from the day before. OI calculates the aggregate value of all active and pending Solana futures contracts on all markets. According to CoinMarketCap data, Solana’s price is $136.54 at the time of posting, down 11% over the past 25 hours.
The sharp decline in Solana’s price eliminated long positions totaling $36.55 million, which may have disappointed investors expecting a price rally before of the April 20 Bitcoin halving.
Similar drops have been recorded by the other nine top cryptocurrencies, with XRP seeing the biggest dip over the past 24hours at 12.12%. Closely behind with a 10.86% decline was Cardano, which lagged slightly at 10.20%.
Though the duration of this drop is unknown, traders are generally optimistic about the altcoin market as a whole. Prominent trader GCR Classic broke his silence on X after more than a year, telling his 273,500 followers on April 14 that the current period offers a “good opportunity to scale into high conviction tokes.” The decrease in market prices was the catalyst for this announcement.
Meanwhile, cryptocurrency entrepreneur Kyle Chasse predicted that his followers will “probably see altcoins up like 20–30% by Monday” in a post published on April 13 on X.
But according to on-chain analysis company Glassnode, that might not be the case. It made clear that prior “euphoria phases,” which many traders interpret as a gauge for the overall market, saw substantially worse drawdowns for Bitcoin. Price retracements have frequently topped 25% in past euphoric stages, according to a post on X dated April 12. But since the market’s all-time highs were surpassed on March 5, there have only been two recent drawdowns of about 10% This follows the recent reports of several problems with Solana’s network.
It was claimed on April 9 that sporadic Solana blockchain congestion led some cryptocurrency startups to reschedule their launch dates. Developers for Solana claim to be working on a patch by April 15. Over the course of several weeks, users of the Solana blockchain noticed an increase in problems with network congestion and transaction failures. It was chosen by new projects, particularly those preparing token releases, to postpone until the technical issues were fixed.
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