SOL’s futures open interest recently hit $1 billion and while the recent price swing liquidated leveraged longs, data suggests the short-term top is not a bearish trend reversal.
Solana (SOL) reached a $216 all-time high on Sept. 9 after rallying 508% since Aug. The bull run caused some analysts to project a $500 target which would translate to a $150 billion market capitalization.It is worth noting that during SOL’s rally, the Ethereum network’s average transaction fee had surpassed $40. Surging interest in the NFT market accelerated investors’ transition to Solana, which was boosted by FTX’s NFT marketplace launch on Sept. 6.Solana, Avalanche, and Cosmos price at Binance. Source: TradingViewThe above chart shows SOL’s two-month performance compared to Avalanche (AVAX) and Cosmos (ATOM). Both are fighting for the same decentralized application user-base and offer faster and cheaper transactions compared to Ethereum (ETH).Ma
Źródło: https://cointelegraph.com/news/derivatives-data-suggests-solana-has-reached-a-short-term-top
