The native token of the Solana blockchain, SOL, reached a new all-time high (ATH) of $294.33 (approximately IDR 4.8 million) on Sunday, January 19, 2025.
This surge was fueled by the hype surrounding the meme coin $TRUMP, associated with the newly elected President of the United States, Donald Trump, whose inauguration is scheduled for today, Monday, January 20, 2025.
The Solana-based meme coin launched on January 18 and experienced a staggering 300% price increase within three minutes, with a trading volume reaching $1 billion (around IDR 16.3 trillion).
Open Interest Also Hits a Record High
SOL’s open interest also saw significant growth, peaking at an ATH of $8.57 billion (approximately IDR 140.2 trillion) on January 18, marking a 25% increase from the previous day. Open interest refers to the total number of outstanding derivative contracts yet to be settled.
When open interest rises during a price rally, it signals increasing participation and confidence among traders as more capital flows into futures contracts.
This trend is a bullish indicator, suggesting that SOL’s price movement is supported by heightened activity and market optimism. Futures traders in SOL continue to bet on a sustained rally.
However, at the time of writing, SOL’s price has undergone a 10.65% correction, falling to $239.35 (approximately IDR 3.9 million). This marks an 18.25% decline from the ATH recorded yesterday.
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