Learn From Smart Money: Increasing SOL Interest From Derivatives Traders

The price of SOL hit its highest value in almost two weeks on Monday, Oct 14, 2024, and has been changing hands at around $150. Besides the meme coin frenzy that’s been driving use of the blockchain, recent derivatives trading data suggests that the current SOL run could be running out of steam. This article will dive into the SOL derivatives trading data on Bybit and provide some trade ideas at the time of WSOT 2024. 

Increasing Open Interest in SOL

SOL has recently become a focus of derivatives traders. According to Bybit’s contract data, open interest in SOL options and Perpetual contracts has been posing an uptrend and hovering at a recent high. This could mean more derivatives traders are willing to bet on the potential price movement of SOL, which could give its price strong momentum.