- On Tuesday, Solana’s price remains stable above the $140 threshold, despite facing bearish pressures from the Trump administration’s suggestions of new tariffs.
- SOL open interest experienced a $700 million increase in just 24 hours, surpassing $5 billion, following Donald Trump’s endorsement of the Solana-based TRUMP memecoin.
- Surging trading volumes and revived investor enthusiasm indicate that SOL may be on the brink of a significant upward movement.
Solana (SOL) continues to push back against prevailing bearish market trends, rising above $145 as open interest exceeds the $5 billion benchmark. But will this upward momentum be sustained?
Solana reaches $145 despite broader market downturn
On Tuesday, Solana’s price showed impressive resilience, maintaining above the $140 level amidst a turbulent market influenced by macroeconomic and political factors. Notably, indications from Donald Trump’s administration about potential new tariffs have introduced additional uncertainty into risk assets.
Solana price movement, March 25 | Coinmarketcap
While Bitcoin (BTC) struggles to break out below $90,000, other prominent altcoins such as Ripple (XRP) and Cardano (ADA) are maintaining a stable range near $2.40 and $0.70, respectively.
In spite of the broader market’s lack of energy, Solana has managed a 2% increase in a single day, pushing its value closer to $145, as reported by CoinMarketCap. This positive price trend reflects growing investor confidence in SOL’s capacity to thrive during challenging times.
SOL Open Interest jumps by $700 million after Trump’s endorsement
Trump’s renewed support for the Solana-native $TRUMP token on Monday catalyzed a bullish shift. Traders reacted favorably, resulting in a 2% rise in SOL prices on spot markets. Upon closer examination of market data, it appears speculative traders are re-entering the SOL space after a period of stagnation.
Solana open interest | SOLUSD, March 25
The chart indicates that SOL’s open interest surged by $700 million within just 24 hours, surpassing the $5 billion mark as of Tuesday. This increase followed a social media post from Donald Trump announcing his endorsement of the Solana-hosted TRUMP memecoin, labeling it “the greatest of them all.”
Trump expresses support for $TRUMP token | March 24
Earlier in March, Solana’s ecosystem faced challenges, particularly as FTX began unlocking millions of SOL tokens for creditor repayments, raising fears of potential market pressure. Additionally, the rug-pull incident involving the Libra meme coin and Argentine President Javier Milei added to the clouds of uncertainty hanging over political memecoins.
Trump’s prominent endorsement seems to have rekindled investor confidence, reflected in a significant rise in new positions. SOL open interest leaped from $4.28 billion to $5 billion in just one day, a clear indication of both institutional and retail optimism making a comeback.
Indicators from the derivatives market suggest a bullish turn for April
In addition to the open interest growth, other critical derivatives market metrics indicate sustained upside potential for Solana.
Solana derivatives markets analysis | March 24
Trading volume increased by 1.85% to reach $10.51 billion, suggesting a surge in market activity.
Options open interest rose by 3.90%, signaling boosting demand for leveraged positions among investors. Given that options trading tends to attract larger investors, this signals mounting bullish sentiment among significant market players.
As trading volumes rise and investor optimism rekindles, SOL may be positioning itself for a major surge in April. Analysts predict that if current momentum continues, a challenge to the $160-$180 resistance zone could emerge in April 2025.