Solana (SOL) Breaking Out in “Big Way”

Solana (SOL), which is known for its high-speed blockchain, is showcasing a remarkable breakout from a multi-month consolidation, delivering its two best performances back-to-back.

Solana $SOL breaking out of a multi-month consolidation in a big way. Booking its two best performances of the year yesterday and today.

As the 4th largest crypto, this is a bullish development on its own, but it is also an illustration of a larger theme of breadth expansion. pic.twitter.com/lYDbMLnTD5

— Steven Strazza (@sstrazza) February 29, 2024

According to market analyst Steven Strazza, this movement not only shows Solana’s growing strength but also reflects a wider expansion in the breadth of the cryptocurrency market.

SOL is more than 14% over the past 24 hours.

Solana derivates market heats up

The derivatives market for Solana has seen a notable uptick, according to the latest data from CoinGlass. Trading volumes in Solana’s futures have surged by over 58%, reaching a substantial $15.45 billion.

Open interest, which is the total number of outstanding derivative contracts that have not been settled, has also risen sharply by nearly 30%, indicating an increased commitment from traders, now at $2.24 billion.

In the options market, both volume and open interest have seen significant growth, hinting at heightened market activity and anticipation of future price movements.

Exchange data reveals Binance leading with the highest SOL futures open interest at $944.34 million, while also dominating the volume charts with a staggering $7.65 billion.

Solana shorts getting hammered

Now that Solana’s price action has heated up, the market hasn’t been without turbulence. Over various time frames, “Rekt” data—a colloquial term for the value of liquidated positions due to sudden price moves—shows significant liquidations.

In the past hour alone, $1.50 million worth of long positions (bets that prices will rise) were liquidated, compared to $432.98K in short positions (bets against the price).

Over the past 24 hours, total liquidations for Solana (SOL) traders amounted to $22.80 million.

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