Solana Open Interest Hits Record $13.7B as SOL Eyes $1,000 Rally
Solana Open Interest surged to an all-time high of $13.68 billion, reflecting intense speculative demand in SOL futures. After dipping to $155 on August 3, SOL price rebounded over 36% to around $210. On the weekly chart, bullish technical patterns—a megaphone breakout and a cup-and-handle formation—point to a potential SOL price target near $1,000 once resistance between $210 and $250 is cleared. The RSI has climbed from 49 to 61, underscoring growing momentum. Crypto analyst Gally Sama also flags a $1,000 target upon a decisive breakout. Solana’s Alpenglow network upgrade, approved with 98.27% support, reduces finality to 150 ms and boosts throughput to 107,540 TPS, strengthening fundamentals. However, on-chain metrics paint a contrasting picture: 30-day transactions are down 99%, active addresses have dropped 22%, and weekly DEX volume fell 65%, suggesting user activity lags price gains. Traders should watch for a break above $250 to confirm the next leg up, while mindful of subdued network usage.
Bullish
Record-high Solana Open Interest often precedes significant price rallies, as seen when a 188% OI increase led to a 103% SOL surge earlier this year. Bullish weekly patterns—a megaphone and cup-and-handle breakout—plus improving RSI and the Alpenglow upgrade support further upside. A successful breach of $250 resistance could trigger a rapid move toward the $1,000 target. However, subdued on-chain and DEX activity warrants caution over the long term, but short-term trading momentum remains strong.