Solana’s trading momentum has reached new heights, with its open interest hitting an unprecedented $6.68 billion. This 14% increase over the last 24 hours signals a robust inflow of capital and a sharp rise in market participation. As SOL’s trading activity escalates, its price has surged by 14% this week, poised to challenge its all-time high of $264.

Amidst this trading fervor, Solana has also seen a significant uptick in its social dominance, now peaking at a two-month high of 6.92%. This metric, which gauges the frequency of discussions about Solana across various social media platforms, suggests a growing public interest that could continue to push trading volumes higher.

This combination of rising open interest and social dominance underscores a burgeoning confidence in Solana’s market potential. Investors and traders are increasingly optimistic, indicating that SOL might not only revisit but possibly exceed its previous price peaks, driven by sustained demand and increasing investor engagement.

Coinglass