In the past 24 hours, Solana’s open interest (OI) and price have experienced a decline, reflecting a broader downturn in the cryptocurrency market. However, traders remain optimistic, perceiving the dip as a favorable opportunity.
As of April 14, Solana’s OI stood at $1.62 billion, marking a 21% decrease from the previous day. Concurrently, Solana’s price has dropped by 11% over the same period, currently standing at $136.54.
The sudden price drop in Solana has led to the loss of $36.55 million in traders’ long positions, disappointing those who anticipated a price surge ahead of the Bitcoin halving on April 20. Other top cryptocurrencies like XRP and Dogecoin have also seen significant declines of over 10%.
Despite the downturn, traders maintain a positive outlook for the altcoin market overall. Notably, prominent trader GCR Classic advised followers to view the current moment as an opportunity to invest in high-conviction tokens.
Glassnode’s analysis suggests that previous euphoric phases in the market have seen more significant Bitcoin drawdowns, contrasting with the current situation where retracements have been relatively mild.
Recent network congestion on the Solana blockchain has led to delays in project launches, prompting developers to postpone activities until technical issues are resolved. Users have reported increasing issues with network congestion and transaction errors, with Solana developers aiming to address these by April 15.
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