Open Interest in Solana Falls $440M

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Solana’s open interest and price both saw declines in the last 24 hours, following a wider trend in the cryptocurrency market. However, traders see this as a potential opportunity.

As of April 14, Solana’s open interest was at $1.62 billion, representing a 21% decrease from the previous day, according to CoinGlass data. Open interest refers to the total value of unsettled Solana futures contracts on various exchanges.

Currently, Solana’s price is at $136.54, down 11% in the last 24 hours, according to CoinMarketCap. The sudden price drop led to a loss of $36.55 million in long positions for traders, disappointing those who were expecting a price increase before the Bitcoin halving on April 20.

The top 10 cryptocurrencies all experienced similar declines, with XRP, DOGE, and ADA falling slightly behind at 10.20%. It’s impossible to predict how long this downtrend will continue, but traders remain relatively optimistic about the altcoin market as a whole.