Solana has jumped by 9% in the past 24 hours, rallying to $204.27 as the cryptocurrency market continues its bullish response to Donald Trump’s election victory.
SOL has now gained by 22% in a week and by 43% in a month, with the alt’s open interest setting a new record yesterday, and then again today.
According to data from CoinGlass, OI is now at approx. 22.5 million SOL, or $4.59 billion, representing a very impressive 17% increase over the past 24 hours.
Combined with the possibility of Solana ETFs and also Solana’s general growth, such volumes suggest that the SOL price is at the start of a strong bull period.
Solana Open Interest at Record High – Is a $250 Breakout Imminent?
Open interest is a measure of the volume of futures contracts open for a particular asset, with SOL’s OI rising from $2.6 billion at the start of October to $4.59 billion as of writing.
This is a 76% increase, testifying to the new, bullish buyers that have entered the market since the pro-crypto Trump won the US election on Tuesday.
The key takeaway from today’s surge is that the positive response to Trump’s victory was not a momentary blip, but may have inaugurated a long-term bullish cycle, one which could play out over the next year or so.
An increasing number of traders and analysts are beginning to think this way, with economist Alex Krüger, for instance, tweeting today that the bull market “is clearly back.”
Bull market is clearly back. Sleep is cancelled until further notice.
— Alex Krüger (@krugermacro) November 8, 2024
Time will tell whether this analysis is accurate, but for now Solana is certainly in the middle of an uptrend.
It’s likely to see further surges as and when Trump begins announcing policies that directly affect – and presumably benefit – the cryptocurrency market, with the President-elect previously promising that he would fire current SEC Chairman Gary Gensler on day one of his presidency.
If so, this would signal a shift in approach from the SEC, and may clear the way for Solana ETFs.
And SOL’s chart certainly suggests that it will continue performing well in the near term, with its indicators all pointing in bullish directions.
Its RSI (purple) has returned to 70 again today and its 30-period moving average (orange) continues to climb beyond the 200-period average (blue), with both being a sign that buying pressure isn’t easing just yet.
Its price could therefore reach $250 in the next couple of weeks, before ending the year at $300.
Smaller Cap Tokens with Strong Potential
Solana may be one of the most promising top-50 coins in the market right now, but traders would also do well to diversify into smaller alts, which can often outperform the market.
This should include some of the bigger presale tokens, since these can often generate enough momentum during their sales to rally strongly once they list.
One exciting new token in this respect is FreeDum Fighters (DUM), an ERC-20 coin that opened its presale last month.
It has already raised over $440,000, with the coin offering an interesting election-themed approach to staking.
We have reached a great milestone that will push these elections forward a great distance!
$400k raised in the $DUM presalepic.twitter.com/uBA9p53YDh
— FreeDum Fighters (@Freedum_Fighter) November 2, 2024
It will give DUM holders the chance to stake their tokens in one of two pools, with each riffing on the candidates in this week’s election.
One is called Magatron while the other is Kamacop, and while the election has now taken place, FreeDum Fighters will continue with these characters.
Probably the most interesting feature of FreeDum Fighters’ staking mechanism is that the least popular pool at any given time while increase its staking yield, so as to attract holders back to it.
This mechanism aims at increasing community involvement and engagement, with the project hosting online forums in which users can debate and discuss the project and its votes.
Winners of debates will receive the proceeds of weekly airdrops, something which will also motivate greater participation and growth.
Investors can get involved in the coin’s sale by going to FreeDum Fighters’ website, where 1 DUM costs $0.00007.
This will rise to $0.000075 in the second phase of the sale, before rising to $0.0001 and then $0.000125 in the third and fourth stages.
Of course, FreeDum Fighters’ early progress suggest that it could go well beyond these prices once it lists.
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