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Solana‘s open interest and price have retreated, reflecting a broader downturn in the cryptocurrency market over the last 24 hours. However, investors continue to stay optimistic and see this as a good opportunity. According to CoinGlass data, on April 14th, Solana’s open interest data showed a drop of about 21% to $1.62 billion compared to the previous day.
Solana and the Altcoin Market
Open interest measures the total value of all outstanding or unsettled Solana futures contracts on exchanges. According to CoinMarketCap data at the time of writing, Solana’s price saw a 24-hour drop of 11%, trading at $136.54. The sudden drop in Solana’s price wiped out investors’ long positions worth $36.55 million and potentially disappointed those expecting a price increase due to the upcoming Bitcoin halving event on April 20th.
The rest of the top 10 cryptocurrencies also experienced a similar decline, with XRP seeing the most significant drop of 12.12% in the last 24 hours. Dogecoin followed closely with a 10.86% drop, while Cardano lagged slightly behind with a 10.20% decrease. The duration of this downturn is uncertain, but investors are showing a very positive outlook for the general altcoin market.
The market-wide downturn prompted leading investor GCR Classic to break his silence on the subject of X after more than a year, announcing to his 273,500 followers on April 14th that the current moment presents a good opportunity to scale into high-conviction tokens.
What’s Happening in the Solana Ecosystem?
Meanwhile, cryptocurrency entrepreneur Kyle Chasse told his followers in a post dated April 13th that altcoins could rise by about 20-30% by Monday. However, on-chain analysis firm Glassnode suggests the situation might not be as expected. They emphasized that during previous enthusiasm stages used by many investors as an indicator for the rest of the market, Bitcoin declines were much worse.
In a post dated April 12th, it was explained that during previous enthusiasm stages, price pullbacks typically exceeded 25%. However, in the current market, since reaching all-time highs on March 5th, there have been only two pullbacks of around 10%.
This comes after several issues with Solana’s network were reported recently. Intermittent congestion on the Solana blockchain on April 9th caused several crypto projects to postpone their launch processes. Solana developers announced they were working on a fix until April 15th.
Solana blockchain users have reported an increase in network congestion and transaction errors over the past few weeks. New projects, especially those planning token launches, have decided to wait until technical difficulties are resolved.
