Solana’s open interest and price have both decreased in the past 24 hours, mirroring a broader downturn in the cryptocurrency market. Despite this, investors maintain optimism, seeing the decline as a possible opportunity for investment.
In the past 24 hours, Solana’s open interest and price have both declined, which mirrors a general downturn in the cryptocurrency market. Despite this setback, investors maintain optimism and view it as a favorable opportunity. According to CoinGlass data from April 14th, Solana’s open interest fell by approximately 21% to $1.62 billion compared to the previous day.
Solana Price Declines Amidst Market Downturn
Open interest measures the total value of all outstanding or unsettled Solana futures contracts on exchanges. According to CoinMarketCap data, Solana’s price experienced a 24-hour drop of 11%, trading at $136.54 at the time of writing. This sudden decline in price wiped out investors’ long positions worth $36.55 million, disappointing those who anticipated a price increase ahead of the upcoming Bitcoin halving event on April 20th.
The top 10 cryptocurrencies also witnessed a similar decline during this period. XRP experienced the most significant drop of 12.12% in the last 24 hours, closely followed by Dogecoin with a 10.86% decrease, and Cardano with a 10.20% decrease. While the duration of this downturn remains uncertain, investors maintain a positive outlook for the general altcoin market.
The market-wide downturn prompted leading investor GCR Classic to break his silence on the subject of X after more than a year. On April 14th, he announced to his 273,500 followers that the current moment presents a good opportunity to scale into high-conviction tokens.
Contrasting Views on Altcoin Performance
Cryptocurrency entrepreneur Kyle Chasse predicted in a post dated April 13th that altcoins could see a rise of about 20-30% by Monday. However, on-chain analysis firm Glassnode suggests that the situation might not unfold as expected. They highlighted that during previous enthusiasm stages, which many investors use as an indicator for the broader market, Bitcoin experienced much steeper declines.
In a post from April 12th, Glassnode explained that during previous enthusiasm stages, price pullbacks typically exceeded 25%. However, in the current market, since reaching all-time highs on March 5th, there have been only two pullbacks of around 10%.
Recent reports have highlighted several issues with Solana’s network. On April 9th, intermittent congestion on the Solana blockchain led to delays in the launch processes of several cryptocurrency projects. Solana developers announced they were working on resolving these issues by April 15th.
Users of the Solana blockchain have observed an uptick in network congestion and transaction errors over the past few weeks. Consequently, new projects, especially those planning token launches, have opted to wait until technical difficulties are addressed.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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