The Solana price action was largely battered after the collapse of FTX, which brought prices down by over 60% in just ten days. While the SOL price managed some minor gains in the last week, larger market blues still plagued it.
On Nov. 24, a whiff of fresh gains pushed SOL price by over 20% from the multi-month low of around $10. After losing the $30 level, the Solana price fell straight through $20 and oscillated around $14 at press time.
While spot market price action was largely Bitcoin-dependent, Solana made some strides in the futures market.
Solana open interest pumps
The values of open interest and funding rates help understand which way the market is headed and whether the price trend could change. Open interest for Solana saw a more than 7% rise alongside largely bearish price action. SOL open interest stood at $251.5 million at press time.
With open interest rising and…
