Altcoin Market Underleveraged, Solana Leads Rally with 16% Returns

The altcoin market's Open Interest is still below its risk threshold according to Glassnode. This means that altcoins have room to make gains without becoming overextended.

Solana, Cardano, and Ripple are among the leading alts that have had bullish runs in recent weeks. Among them, Solana has recorded the highest returns at 16% since Wednesday compared to 14% for Cardano and 11% for Ripple.

However, despite its strong momentum, Solana's run may be nearing an end as it has already breached the highs set towards the end of August. This could indicate that Cardano and Ripple have room to catch up.

As long as Bitcoin does not suffer a steep pullback, Solana is likely to continue registering better returns for the rest of September.