Altcoin Leverage Low as SOL Leads the Pack in Bullish Run

The altcoin market's Open Interest remains below its risk threshold, according to Glassnode. This suggests that altcoins still have room for growth before becoming overextended compared to Bitcoin's [BTC] Open Interest.

Solana (SOL), Cardano (ADA), and Ripple (XRP) have had bullish runs in recent weeks, with SOL recording the highest returns at around 16% since Wednesday. This is higher than the 14% return for Cardano and 11% for Ripple.

Solana has also breached the highs set towards the end of August when Bitcoin began to pull back, indicating that it may continue its strong bullish momentum. However, XRP and ADA have room to catch up to SOL, making them likely to return greater profits this month.

Cardano's daily structure was flipped bullishly in July, setting a series of higher highs since then. The altcoin has set a reaction from the $0.19-support level encouraging, and may be primed to challenge the $0.23 and $0.255 resistance levels.