Solana's Value Drops, Traders See Opportunity Amidst Network Issues
Summary:
In the last 24 hours, Solana (SOL) has seen a decrease in both price and open interest, reflecting a broader downturn across the cryptocurrency market. Despite this, traders remain optimistic, viewing this as an investment opportunity. Throughout this period of uncertainty, crypto entrepreneur Kyle Chasse predicts a 20-30% increase in altcoins by Monday. Nevertheless, Glassnode suggests Bitcoin's downturn may continue with potential price dips exceeding 25%. Several issues with Solana's network have caused delays for many crypto projects awaiting their launch.
Over the last day, both the price and open interest (OI) of Solana (SOL) have seen a decrease, reflecting a broader downturn in the cryptocurrency sector. Nevertheless, traders are maintaining a hopeful attitude, perceiving this as an advantageous period. As of April 14, CoinGlass data reveals a drop in Solana's OI to $1.62 billion — a significant dip of 21% from the previous day. Open interest is a measurement of the overall worth of unsettled or ongoing futures contracts related to Solana on various exchanges. Currently, CoinMarketCap data puts Solana's price at $136.54, a 11% downswing over the past 24 hours.
Solana futures open interest reached its yearly high at the beginning of April, as per CoinGlass data. Concurrently, the remaining ten leading cryptocurrencies have also observed a similar downward trend. XRP (XRP) underwent the most substantial fall of 12.12% over the past 24 hours, followed closely by Dogecoin (DOGE) at a 10.86% decrease, and Cardano (ADA) at a decrease of 10.20%.
With the duration of this lull remaining uncertain, traders continue to maintain an overall positive perspective of the altcoin market. The comprehensive price decrease drove renowned trader GCR Classic to alert his 273,500 followers on April 14, expressing the present moment as a worthwhile opportunity to invest in high conviction tokens.
On April 13, crypto entrepreneur Kyle Chasse informed his followers to expect an increase of 20-30% in altcoins by the upcoming Monday. However, unlike the optimistic forecast, Glassnode hinted that the downturn for Bitcoin, which is commonly used as a market measure, might not be over.
On April 12, Glassnode elaborated that during past euphoria phases, price dips have usually gone beyond 25%, whereas only two recent retracements of about 10% have occurred since transcending all-time highs on March 5.
Developers reported several problems with the Solana network recently. As Cointelegraph noted on April 9, periodic congestions on the Solana blockchain have led many crypto projects to delay their launches. Developers of Solana announced a proposed resolution by April 15. Over the past few weeks, Solana blockchain users reported growing issues related to network congestion and transaction error. New projects, particularly those planning token launches, chose to wait until the technical issues were sorted out.
Investment advice or suggestions are not included in this article. Each trade and investment has risks, and individuals are advised to undertake their own investigation before making a decision.
Published At
4/14/2024 8:58:21 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.