Solana has seen a notable increase in trading activity, pushing its open interest to a record $6.68 billion. This surge comes amidst optimism about SOL reaching its prior high of $264. The rise in open interest reflects new trading positions and increased confidence, suggesting a potential prolonged price rally for SOL.
Social dominance for Solana has also seen a spike, reflecting increased mentions across forums and social media. This surge often leads to higher trading volumes and could contribute to potential price hikes as investor engagement grows.
Technical indicators like the Chaikin Money Flow point towards increasing demand for SOL. The price may break through the $218.90 resistance and approach its $264 monumental peak. However, if market sentiment turns negative, SOL's price could dip below $200 to around $188.96.
