Solana traders bet on a bounce, but is the market ready to move?
As CME volume rockets to record highs, Open Interest is holding strong at $6.1 billion; its highest level since late March.
The chart reveals a decoupling: while Solana’s price has cooled from its Q1 highs, leveraged positions haven’t budged much. This stickiness in Open Interest, especially amid recent volatility, suggests traders are committing.
Source: Coinglass
The last time that OI was elevated during a price downswing, SOL rallied sharply in the weeks that followed. Now, with fresh volume and deep positioning returning to the market, the stage is set for a high-stakes move.
Whether it moves up or down, remains to be seen.