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
Source: CoinGlass
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
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Author: Akashnath S
