{"id":602208,"date":"2024-04-09T18:00:49","date_gmt":"2024-04-09T18:00:49","guid":{"rendered":"https:\/\/ktsl888.com\/?p=602208"},"modified":"2024-04-09T11:59:04","modified_gmt":"2024-04-09T11:59:04","slug":"solana-open-interest-drops","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/solana\/solana-open-interest-drops\/","title":{"rendered":"Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?"},"content":{"rendered":"

Amid the issues that continue to plague the network, the Solana open interest<\/a> has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency\u2019s price<\/a>, suggesting that investors may be getting wary of waiting for a fix to come through.<\/p>\n

Solana Open Interest Drops By $370 Million<\/h2>\n

Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest<\/a> went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period.<\/p>\n

Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When<\/a><\/div>\n

However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual<\/a>, leading to a standstill in network activities.<\/p>\n

Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history.<\/p>\n

Since the network issues began, the SOL<\/a> open interest has been falling as traders take a more cautionary approach. Coinglass data<\/a> shows that the open interest<\/a> is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week.<\/p>\n

\"Solana<\/p>\n

Source: Coinglass<\/pre>\n
Open interest <\/a>measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time.<\/p>\n
SOL Network Ready To Bounce Back?<\/h2>\n
Developers are still working on getting the Solana network<\/a> back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track.<\/p>\n
CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post<\/a> that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix.<\/p>\n
Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months<\/a><\/div>\n
The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing.<\/p>\n
Following Mumtaz\u2019s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price<\/a> as low as $175. However, the expectation is that SOL<\/a> will come back with a vengeance once the network is operational again.<\/p>\n
Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400<\/a>. If this is correct, then the present predicament will be a short-lived roadblock in Solana\u2019s rise.<\/p>\n
\"Solana<\/p>\n
SOL price drops to $176 amid network issues | Source: SOLUSDT on Tradingview.com<\/a><\/pre>\n
Featured image from ByteTree, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week. This drop coincides with a decline in the cryptocurrency\u2019s price, suggesting that investors may be getting wary of waiting for a fix to come through. Solana Open Interest Drops By $370 Million Solana saw its open interest rise steadily since the start of 2024, hitting an all-time high after an all-time high in the process. Between January and April, the Solana open interest went from around $1.22 billion to hit a new all-time high of $2.86 billion on April 1. This translates to an over 100% increase over this three-month period. Related Reading: Crypto Analyst Predicts Shiba Inu Price To Rise 5000% To $0.001 \u2013 Here\u2019s When However, since hitting this new milestone, the cryptocurrency has encountered issues which have presented in the form of a network halt. Around a week ago, Solana users noticed that the blockchain had stopped processing transactions as usual, leading to a standstill in network activities. Expectations at the time were that the network would be back up and running in a matter of hours like it usually does. However, this has proven not to be the case, as the network is going on a week of downtime, one of the longest in its history. Since the network issues began, the SOL open interest has been falling as traders take a more cautionary approach. Coinglass data shows that the open interest is currently sitting at $2.39 billion on April 19, down $370 million from its all-time high, which is a 12.9% decline in around a week. Source: Coinglass Open interest measures the total number of outstanding futures and options contracts, so it means that traders have been closing their positions during this time. SOL Network Ready To Bounce Back? Developers are still working on getting the Solana network back on track but it has not been an easy road. Even now, the network continues to battle the blackout, with developers giving a week as an estimated delivery time for the network to be back on track. CEO of Helius Labs, Bert Mumtaz, revealed in an X (formerly Twitter) post that the current issues were being caused by an implementation bug. This bug has been the reason there have been more failed transactions on the network. Mumtaz also clarified that this bug does not equal a design flaw in the fact that it is relatively easier to fix. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months The CEO explained that a patch for this implementation bug would still take a while and that developers are shooting for a fix by April 15, which was a week from the post. However, he added that this date was subject to change in the case where other bugs are discovered in testing. Following Mumtaz\u2019s post, the Solana community is waiting with bated breaths for the network to return to fill operation. In the meantime, the price of Solana and other coins in the ecosystem has taken a hit. Bears have pushed down the SOL price as low as $175. However, the expectation is that SOL will come back with a vengeance once the network is operational again. Crypto analyst Ash Crypto has said that they expect that the price of SOL will eventually rise above $400. If this is correct, then the present predicament will be a short-lived roadblock in Solana\u2019s rise. SOL price drops to $176 amid network issues | Source: SOLUSDT on Tradingview.com Featured image from ByteTree, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602222,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[12837,89406,86420,83626,89405,85361,86410,83627],"class_list":["post-602208","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-sol","tag-sol-news","tag-sol-price","tag-solana","tag-solana-news","tag-solana-price","tag-solusd","tag-solusdt"],"acf":[],"yoast_head":"\nSolana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?<\/title>\n<meta name=\"description\" content=\"Amid the issues that continue to plague the network, the Solana open interest has seen a drop in the last week.\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?","url":"http:\/\/ktsl888.com\/news\/solana\/solana-open-interest-drops\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/solana\/solana-open-interest-drops\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Solana.jpeg?resize=200%2C174","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Solana.jpeg?fit=290%2C174"},"articleSection":"Solana","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["sol","sol news","sol price","solana","solana news","solana price","solusd","solusdt"],"dateCreated":"2024-04-09T18:00:49Z","datePublished":"2024-04-09T18:00:49Z","dateModified":"2024-04-09T18:00:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/solana\\\/solana-open-interest-drops\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/solana\\\/solana-open-interest-drops\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Solana.jpeg?resize=200%2C174\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Solana.jpeg?fit=290%2C174\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"sol\",\"sol news\",\"sol price\",\"solana\",\"solana news\",\"solana price\",\"solusd\",\"solusdt\"],\"dateCreated\":\"2024-04-09T18:00:49Z\",\"datePublished\":\"2024-04-09T18:00:49Z\",\"dateModified\":\"2024-04-09T18:00:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Solana.jpeg?fit=290%2C174","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/602208"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=602208"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/602208\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/602222"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=602208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=602208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=602208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}