Are you keeping up with the latest trends in the cryptocurrency market? Solana, one of the top gainers recently, has been experiencing some fluctuations in trading volume and open interest. According to data from Coinglass, Solana’s trading volume reached $6.02 billion on Monday, but has since seen a significant decline to $4.76 billion by Oct 18. Similarly, Solana’s Open Interest has dropped by $140 million from $2.51 billion to $2.37 billion during the same period.
This decrease in trading volume and open interest indicates a weakening demand for Solana in both spot and derivatives markets, despite its popularity as a meme coin. The inability to break through the $160 resistance level has caused Solana’s price to stagnate, while other cryptocurrencies like Bitcoin continue to reach new peaks.
As Solana remains range-bound between $150 and $160, it is crucial for bulls to wait for a significant catalyst to propel the price past the $160 resistance. Without a surge in demand, Solana’s price consolidation phase may persist, leaving investors to watch for a strong positive trigger.
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