On January 18th, Solana (SOL) hit its peak price ever, $277.99, due to increased activity associated with the fresh launch of TRUMP meme coin.
The hype surrounding the meme coin before Donald Trump’s January 2017 inauguration led to a significant increase in trading on the Solana network, causing SOL’s price and network statistics to reach unprecedented highs.
Solana’s Price and Open Interest Touch New Peaks
Since its sudden debut on Saturday, the Solana-native token TRUMP has garnered considerable market interest. Consequently, this has boosted the hustle and bustle on the Solana blockchain, causing an uptick in the worth of its native cryptocurrency, SOL.
On the 18th of January, SOL reached an unprecedented peak of $277.99. Although there’s been a minor 1% drop in its price since then, interest in this altcoin continues to soar.
This is demonstrated through its ongoing increase in open interest, currently reaching a record-breaking peak of $8.57 billion, marking a significant 25% rise over the last day.
open interest represents the current tally of unsettled derivative agreements (like futures or options), meaning those yet to be finalized or liquidated. An uptick in this figure during an asset’s price surge suggests growing engagement and conviction from traders, as more funds are being invested into futures contracts.
This trend indicates a positive outlook, suggesting that the momentum behind Solana’s price movement is driven by increasing market engagement and confidence.
As a crypto investor, I’ve observed that the future traders of Solana (SOL) coins have been consistently placing wagers on a prolonged surge in its price. This optimism is clearly reflected in the current positive funding rate of 0.0093%, which stands at this moment.
In simple terms, the funding rate is a recurring fee exchanged between long-term and short-term traders in continuous futures trading. This fee ensures that the contract price matches the current market price (also known as the spot price). When the funding rate is positive, it signifies that long-term traders are paying their short-term counterparts. This payment indicates a bullish sentiment since more traders are betting on an increase in the asset’s price, expecting its value to rise.
SOL Price Prediction: Coin May Rally to New Highs
Looking at the daily price chart, Solana (SOL) is currently trading slightly below its all-time high of $277.99. This significant level has now become a potential resistance point. If buying pressure continues, SOL could surpass this resistance and convert it into a support zone, further fueling its upward trend.
If there’s a resurgence of selling (profit-taking), the current optimistic forecast might not hold true. Instead, the price of SOL could potentially drop to $227.96 in such a situation.
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2025-01-19 18:01