Open Interest in Solana Futures Hits Highest Level in 10 Months

In October, Solana emerged as the top-performing altcoin in the cryptocurrency market.

Over the course of a week, SOL’s value skyrocketed by 34%, and in a span of one month, the currency’s rate strengthened by 25%.

On the night of Tuesday, October 24, Solana reached a peak of $29.7, making it the altcoin with the highest capitalization of over $12.385 billion and a daily trading volume of $1.225 billion.

In November of last year, just before the FTX crash, SOL was trading at $36.77, but by December, it had fallen to its low point at $9.75.

However, in January of this year, it began to ascend again, reaching record highs.

The rise of Solana has also sparked increased interest in the altcoin in the futures market, with open contracts amounting to over $420 million – the highest since mid-January.

On Binance and Bybit exchanges, there has been a surge in interest in SOL futures, with $177.09 million and $120.26 million, respectively, as shown by data from the cryptocurrency analytics platform Coinglass.