Will Bulls Reclaim $80k Soon?

Solana price climbed 4% to $71.80 in the last 24 hours, extending its lead among major tokens. The move beat Bitcoin’s 1.24% rise to $60,372 and the broader market’s 0.60% gain. 

The crypto market value was close to $2.08 trillion as traders cautiously re-entered altcoins.

SOL is leading the crypto recovery among majors, rising more than 5% in the last 24 hours to become the biggest gainer among the top 10 coins by market cap.

Solana also attracted attention when the open interest increased by 10%, indicating increased futures activity. The growing open interest may indicate new positioning particularly in cases where price gains are followed. Bulls are keeping an eye on SOL, whether it gains enough momentum to revisit the area of $80. 

Sentiment in the following sessions could also be affected by regulatory headlines. Full MiCA enforcement in Europe is forcing crypto firms to secure licenses. The anticipated signing of the CLARITY Act in the United States should minimize the uncertainty around digital assets.

SOL Open Interest Hits $5.24B as Options Demand Jumps

Solana derivatives data indicated mixed positioning with traders decreasing volume, but maintaining leverage exposure. The total trading volume declined by 19% to $9.99 billion indicating a poor short term participation. 

Nevertheless, open interest increased 3.30% to $5.24 billion, indicating that positions were still in the market. The activity of options increased, and volume increased 27.79 to $22.27 million.

Options open interest also increased 17.14% to $49.47 million. The data suggests cautious traders are preparing for larger price swings, as market direction remains uncertain near current levels.

Solana ETF Market Sees Outflows as Funds Post Daily Gains

According to Sosovalue, Solana ETF products realized a negative net outflow of 3.94 million each day. Total net assets were 755.51 million.

Bitwise’s BSOL recorded the only daily inflow, adding $1.99 million. It accumulated inflow of $889.86 million, which is the highest of the listed products. The majority of funds closed up, and profits were around 10% daily across the board. The rankings in net assets were still very concentrated.

Solana Price Holds $70 Support: Can Bulls Push Toward $80?

The SOL price closed at around $71.93 at the time of writing. SOL rebounded after a solid move up from the $65 level to consolidate. The price recently found itself in an ascending channel before the bull market lost its steam around the $75 level. 

The RSI was at 55.77 indicating balanced strength and an opportunity for further movement. Bullish momentum took a breather as MACD remained slightly positive. 

If the  future Solana outlook breaks out above $75, the next price target for Solana may be $80. If volume increases then the broader range may be around $84. But, a decline below $70 could diminish the setup. In that case, Solana price could revisit $68, followed by $65 support.