Solana's Open Interest Surges to $638M as Leveraged Traders Return

Solana's open interest has reached $638.1 million on Hyperliquid, a significant increase following its price rebound of 44.9% from August 14.

The SOL-USD perpetual contract saw a surge in leveraged traders returning to the market after Solana's recovery, with average leverage approaching 19 times for both long and short positions.

A breakdown of whale wallets showed 17 long positions and nine shorts, indicating a strong long bias. However, neutral funding rates suggest neither side is paying a premium.

The price has cleared its 50-day, 100-day, and 200-day averages but remains near the $105-$110 resistance range, with support at $101.59.