As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I must say that the recent surge in Solana (SOL) is nothing short of impressive. The open interest on derivatives products has skyrocketed past the $5 billion mark, a testament to the growing confidence in this promising project.
The digital currency Solana (SOL) is experiencing a remarkable rise, as its price approaches a fresh record high, causing excitement among traders and investors. This upward trend in SOL has led to an increase in open interest surpassing the $5 billion threshold.
Based on information from CoinGlass, the open interest for Solana derivative products such as futures and options has significantly increased this week, going from approximately $4.5 billion to a record-breaking $5.6 billion high. However, it has slightly decreased since then to $5.55 billion as of now.
A significant proportion of the total open interest is held on the forefront cryptocurrency platform Binance, boasting a staggering $2.16 billion in open interest for its Solana offerings. This is trailed closely by Bybit with an open interest of $1.51 billion, and Bitget with $659 million in third place.
According to a report from CryptoGlobe, Solana overtook Binance Coin (BNB) to claim the position of the fourth-largest cryptocurrency in terms of market capitalization earlier this month. This move was made possible by Solana’s exceptional performance compared to most other digital currencies.
Over the last seven days, Solana has surged by over 16%, placing its current token price at approximately $246. This increase in value boosts Solana’s total market capitalization to a staggering $116.86 billion. Notably, this figure surpasses Binance Coin’s ($89 billion) and is nearing Tether’s stablecoin USDt ($128.2 billion). If its growth continues, Solana could soon displace Tether’s USDt to claim the title of the third-largest digital asset in terms of market capitalization.
The cost of Solana has increased due to Donald Trump winning the U.S. presidential election, as his triumph was generally thought to bolster Bitcoin‘s value because the former U.S. President is known for expressing favorable opinions about the cryptocurrency industry.
Trump has pledged to dismiss Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), who has overseen a string of regulatory actions against the cryptocurrency sector.
A Trump victory could potentially increase Solana’s price, since the chances of a U.S.-listed Spot Solana Exchange-Traded Fund (ETF) becoming available might increase as well. Notably, Canary Capital Group has recently initiated the process to list a Spot Solana ETF in the United States.
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2024-11-19 18:11