Solana's Price Soars Above $94 as Open Interest Hits $5.8 Billion

Solana's price has seen significant growth in recent days, rising above $94 after briefly surpassing $100 on Friday. The SOL token touched $102 before pulling back. The increase is impressive, but a good part of the activity comes from derivatives products, with open interest now reaching $5.81 billion.

The movement is partly due to short sellers being forced to close their positions as the price rises, causing liquidations worth around $108.35 million over 24 hours. The spot market is not following at the same pace, which makes the number of open positions a key metric to watch.

While high open interest does not automatically mean a drop in price, it can be a sign of trouble if long positions become too numerous. A rapid drop could trigger liquidations and accelerate the correction, while funding rates will also play a role in determining market direction.