Solana Open Interest Reaches $638M Amid High Leverage

Solana's open interest on Hyperliquid has reached $638.1 million after the asset rebounded by 44.9% from its August 14 closing price of $75.34.

The rebound was driven by leveraged traders who returned to the market, with whale tracking showing 17 long positions and nine shorts.

Despite high leverage and a strong long bias, funding on Hyperliquid remained near neutral, indicating that neither side was paying a large premium for their positions.

The price of Solana has been trading near $105.21 after clearing its 50-day, 100-day, and 200-day averages, but the daily RSI reading of 73.4 indicates elevated short-term momentum conditions.