Key Takeaways

Has Solana started recovering?

Price, volume, and Open Interest showed early bullish intent, but confirmation will depend on sustained accumulation.

Will the bulls be successful?

On-chain metrics look healthier, yet a full recovery could take time. 13th of October’s close may decide the next move.

On the 12th of October, CoinGlass data showed that the Solana [SOL] Spot Trading Volume was down 62% on Binance.

This figure began to climb higher, with a 10.2% rise in the past 24 hours, even as Solana rallied 10.59% in 24 hours. That rebound followed a sharp derivatives reset.

Liquidations crushed Open Interest

The Open Interest fell from $14.83 billion on the 10th of October to $9.81 billion on the 11th of October. This was a result of the massive liquidations during the price drop, and OI was at $10.28 at the time of writing.

Solana bulls had challenged the $200 mark a few hours before the time of writing.

Even if this psychological level is breached, the $200-$215 zone is a large obstacle in the way of bulls looking to establish a long-time uptrend.

Embers of hope for Solana