Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?
2024年4月10日 - 3:00AM
NEWSBTC
Amid the issues that continue to plague the network, the Solana
open interest has seen a drop in the last week. This drop coincides
with a decline in the cryptocurrency’s price, suggesting that
investors may be getting wary of waiting for a fix to come through.
Solana Open Interest Drops By $370 Million Solana saw its open
interest rise steadily since the start of 2024, hitting an all-time
high after an all-time high in the process. Between January and
April, the Solana open interest went from around $1.22 billion to
hit a new all-time high of $2.86 billion on April 1. This
translates to an over 100% increase over this three-month period.
Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise
5000% To $0.001 – Here’s When However, since hitting this new
milestone, the cryptocurrency has encountered issues which have
presented in the form of a network halt. Around a week ago, Solana
users noticed that the blockchain had stopped processing
transactions as usual, leading to a standstill in network
activities. Expectations at the time were that the network would be
back up and running in a matter of hours like it usually does.
However, this has proven not to be the case, as the network is
going on a week of downtime, one of the longest in its history.
Since the network issues began, the SOL open interest has been
falling as traders take a more cautionary approach. Coinglass data
shows that the open interest is currently sitting at $2.39 billion
on April 19, down $370 million from its all-time high, which is a
12.9% decline in around a week. Source: Coinglass Open interest
measures the total number of outstanding futures and options
contracts, so it means that traders have been closing their
positions during this time. SOL Network Ready To Bounce Back?
Developers are still working on getting the Solana network back on
track but it has not been an easy road. Even now, the network
continues to battle the blackout, with developers giving a week as
an estimated delivery time for the network to be back on track. CEO
of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter)
post that the current issues were being caused by an implementation
bug. This bug has been the reason there have been more failed
transactions on the network. Mumtaz also clarified that this bug
does not equal a design flaw in the fact that it is relatively
easier to fix. Related Reading: Crypto Expert Reveals What To
Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months The CEO
explained that a patch for this implementation bug would still take
a while and that developers are shooting for a fix by April 15,
which was a week from the post. However, he added that this date
was subject to change in the case where other bugs are discovered
in testing. Following Mumtaz’s post, the Solana community is
waiting with bated breaths for the network to return to fill
operation. In the meantime, the price of Solana and other coins in
the ecosystem has taken a hit. Bears have pushed down the SOL price
as low as $175. However, the expectation is that SOL will come back
with a vengeance once the network is operational again. Crypto
analyst Ash Crypto has said that they expect that the price of SOL
will eventually rise above $400. If this is correct, then the
present predicament will be a short-lived roadblock in Solana’s
rise. SOL price drops to $176 amid network issues | Source: SOLUSDT
on Tradingview.com Featured image from ByteTree, chart from
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