Solana (SOL) Records 100% Increase in Volume: Possibilities of Price Retrace
Solanas price is essentially unchanged despite a significant increase in derivatives activity, which could lead to a much more volatile next move. The volume of SOL futures has more than doubled over the past day on a number of major exchanges, but the positioning data that goes along with it suggests that there may be another price decline. Solana gains more fat Binance reported a 24-hour SOL futures volume of about $890 million, up 144.8%. Bybit added 108.6 percent, while OKXs volume rose by 146.1%. Increases of about 154%, 210%, and 168%, respectively, were seen on Gate, Bitget, and Hyperliquid. SOL/USDT Chart by TradingView However, SOLs 24-hour performance is essentially flat and it is still close to $75.30. The discrepancy suggests that increased trading activity has not resulted in strong directional demand. Additionally, positioning has a strong long bias. Whereas OKX reports 2.42, the Binance account long/short ratio is roughly 2.43. At 2.71, Binances top-trader account ratio is even higher. Although this positioning does not guarantee a decline, it makes SOL more vulnerable to liquidation in the event that it loses support. Liquidation data already show that risk. About $6.07 million in SOL positions, including $4.60 million in longs and $1.47 million in shorts, were