Solana peaked at 277 USD, open interest soared to 8 billion USD

Solana (SOL) reached an all-time high (ATH) of $277.99 on January 18, driven by increased activity surrounding the newly launched TRUMP memecoin.

Attention to Meme Coin ahead of Donald Trump’s January 20 inauguration has generated significant trading activity on the Solana network, pushing SOL prices and on-chain indices to record levels.

Solana Price and Open Interest Hit New Highs

Solana-based TRUMP has attracted significant market attention since its surprise launch on Saturday. This has led to an increase in activity on the Solana network, which in turn has pushed up the value of the SOL coin. High.

On January 18, SOL climbed to a new all-time high of $277.99. Although it has since seen a 1% price correction, demand for the cryptocurrency remains high.

This is reflected in open interest, which continues to grow. At the time of writing, it reached an all-time high of $8.57 billion, up 25% over the past 24 hours.

Open interest refers to the total number of derivative contracts that have not yet been settled or closed. When it rises during bullish periods, it shows growing participation and confidence among traders as more capital flows into futures contracts.

This trend is a bullish signal, suggesting that SOL’s price rise is backed by growing market activity and strong confidence.

Notably, SOL futures traders continue to bet on continued price increases. This is evidenced by the coin’s positive funding rate, which reached 0.0093% at the time of writing.

Funding rates are periodic fees paid between long- and short-term traders in the perpetual futures market to keep contract prices in line with spot prices. When the ratio is positive, it means long-term traders are paying short, indicating bullish sentiment as many traders are betting on the upside.

SOL Price Prediction: Trend could move to new highs

On the daily chart, SOL trades just below its all-time high of $277.99, currently forming resistance. With continued buying pressure, the coin will break above this level, turning it into a support zone and continuing the uptrend.

However, if profit taking resumes, this Positive Forecast will become invalid. In that case, the SOL price could drop to $227.96.