Solana Open Interest Reaches All-Time High – Is a $250 Surge Approaching?

Solana has surged by 9% over the last 24 hours, reaching $204.27 as the cryptocurrency market continues to respond positively to Donald Trump’s election win.

SOL has experienced a 22% increase over the past week and a 43% rise in the last month, with the altcoin’s open interest hitting a new high yesterday and again today.

As per data from CoinGlass, open interest now stands at approximately 22.5 million SOL, equivalent to $4.59 billion, reflecting a notable 17% rise in the past 24 hours.

Coupled with the potential for Solana ETFs and the overall growth of Solana, such trading volumes indicate that the SOL price may be entering a robust bullish phase.

Solana Open Interest at Record High – Is a $250 Breakout Imminent?

Open interest serves as an indicator of the number of futures contracts currently active for a specific asset, with SOL’s open interest increasing from $2.6 billion at the beginning of October to $4.59 billion at the time of writing.

This marks a 76% rise, highlighting the influx of new bullish investors that have entered the market following Trump’s pro-crypto election victory on Tuesday.

Source: CoinGlass

The main takeaway from today’s increase is that the favorable reaction to Trump’s victory appears to be more than a fleeting moment, potentially signaling the beginning of a long-term bullish trend that could unfold over the coming year.

A growing number of traders and analysts are starting to adopt this perspective, with economist Alex Krüger, for example, tweeting today that the bull market “is clearly back.”

Bull market is clearly back. Sleep is cancelled until further notice.

— Alex Krüger (@krugermacro) November 8, 2024

Only time will reveal whether this assessment holds true, but for now, Solana is undoubtedly in the midst of an upward trend.

Further increases are likely as Trump begins to unveil policies that directly impact – and presumably favor – the cryptocurrency sector, with the President-elect having previously stated his intention to dismiss current SEC Chairman Gary Gensler on his first day in office.

If this occurs, it could represent a shift in the SEC’s approach and may pave the way for Solana ETFs.

Moreover, SOL’s chart indicates that it is poised to perform well in the near future, with all indicators trending positively.

Source: TradingView

Its RSI (purple) has once again reached 70 today, and its 30-period moving average (orange) continues to rise above the 200-period average (blue), both of which suggest that buying pressure remains strong.

Consequently, its price could potentially hit $250 within the next few weeks, with an end-of-year target of $300.

Smaller Cap Tokens with Strong Potential

While Solana stands out as one of the most promising top-50 coins in the current market, traders should also consider diversifying into smaller altcoins, which often have the potential to outperform the broader market.

This should include some of the larger presale tokens, as these can frequently generate sufficient momentum during their sales to experience significant rallies once they are listed.

One notable new token in this context is FreeDum Fighters (DUM), an ERC-20 coin that launched its presale last month.

It has already raised over $440,000, featuring an intriguing election-themed staking approach.

We have reached a great milestone that will push these elections forward a great distance!
$400k raised in the $DUM presale pic.twitter.com/uBA9p53YDh

— FreeDum Fighters (@Freedum_Fighter) November 2, 2024

DUM holders will have the opportunity to stake their tokens in one of two pools, each themed around the candidates from this week’s election.

One pool is named Magatron, while the other is Kamacop, and although the election has concluded, FreeDum Fighters will continue to utilize these characters.

Perhaps the most intriguing aspect of FreeDum Fighters’ staking mechanism is that the least popular pool at any time will increase its staking yield to draw holders back to it.

This mechanism aims to enhance community involvement and engagement, with the project facilitating online forums for users to debate and discuss the project and its votes.

Winners of these debates will receive the proceeds from weekly airdrops, further incentivizing participation and growth.

Investors can participate in the coin’s sale by visiting FreeDum Fighters’ website, where 1 DUM is priced at $0.00007.

This price will increase to $0.000075 in the second phase of the sale, followed by $0.0001 and $0.000125 in the third and fourth phases.

Given FreeDum Fighters’ early success, it suggests that the token could exceed these prices once it is listed.

Buy DUM Now

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