Solana Open Interest Surpasses $7 Billion as Price Exceeds $200
Solana's price has surpassed $200, with perpetual open interest rising above $7 billion, indicating increased market participation from both retail and institutional investors.
Key Developments
- Open interest growth shows significant capital influx into Solana.
- Price reached $218.04, marking a 1.94% increase in the past 24 hours.
- Market capitalization stands at $118.02 billion; 24-hour trading volume is $9.21 billion.
- The next resistance level is set at $220.
Despite a setback involving Aqua, a trading platform that allegedly executed a rug pull, the overall market structure for Solana remains strong. The likelihood of Solana Exchange Traded Fund (ETF) approval has increased to 99% according to Polymarket.
New Project Launch
- Wall Street Pepe (WEPE), initially launched on Ethereum, has debuted on the Solana blockchain.
- The project recently burned over 3 billion tokens on Ethereum.
- A growing community of traders supports WEPE, focusing on market analysis and meme-driven strategies.