Solana (SOL) Price Prediction: Open Interest Hits All-Time High, Long Positions Aim to Break Above $200

The price of Solana (SOL) continues its upward trend, breaking through 183 USD in Asian afternoon trading today (18), up nearly 15% so far this week. As SOL's open interest (OI) reached a historical high of 9.71 billion USD, it reflects the growing confidence of investors, further strengthening the upward momentum. The technical outlook supports this bullish argument, with SOL long positions aiming to break through 200 USD.

Solana's open interest contracts hit a historic high of 9.71 billion USD

Coinglass data shows that the open interest (OI) of SOL futures on the exchange rose from $7.78 billion at the beginning of this week to $9.71 billion on Friday, setting a new historical high. The increase in open interest indicates that new or additional funds are entering the market, along with new buying pressure, which could drive the current price of SOL up.

(Source: Coinglass)

In addition, data from the crypto intelligence tracking company DefiLlama shows that the total locked value of Solana (TVL) has been continuously rising since the end of June, reaching 9.87 billion USD last Friday, marking the highest level since early February. The growth of TVL indicates an increasing level of activity and interest within the SOL ecosystem, suggesting that more and more users are depositing or utilizing assets in protocols based on SOL.

(Source: DefiLlama)

SOL Price Analysis: Bulls Challenge Target Price Above $200

FXStreet analyst Manish Chhetri stated that the SOL price broke through the daily resistance level of 160 USD on Sunday, rising 9% as of Thursday. As of Friday when this article was written, SOL continued to rise, approaching the next daily resistance level of 184.13 USD.

If SOL breaks above and closes above this level, it may continue the pump until the February 14 high of $205.34.

On the daily chart, the Relative Strength Index (RSI) reading is 73, indicating an overbought condition and suggesting strong bullish momentum. In addition, the Moving Average Convergence Divergence (MACD) bullish crossover has remained valid since it issued a buy signal at the end of June. This indicator also shows that the green histogram is rising above the neutral zero line, indicating that bullish momentum is strengthening.

However, if SOL faces a pullback, it may continue to decline and find support around the daily $160.

(Source: Trading View)