Solana Genesis Day: Options Traders Prepare for Further Upside As SOL Price Nears $200

Solana price has hit a high of $198 after a 15% rally in 24 hours and 31% in a week. Solana witnessed strong upside momentum despite a broader crypto market selloff on Friday. Top reasons behind the strong rally are Solana-based projects including meme coins and decentralized exchanges.

Solana Rises on its Genesis Day

“Solana Genesis Day 2024” marks four years of Solana launch on Mainnet Beta, with the primary focus to support smart contracts and decentralized apps. Solana’s total value locked (TVL) reached over $10 billion in November 2021, over a year after the launch. However, it fell after recurrent chain outages.

The Growing support for the Solana ecosystem has led to TVL rebounding from $1 billion in January to surpassing $4 billion today. The growth is mainly coming from staking, liquid staking, and decentralized exchanges, as per data by DefiLlama.

Moreover, SOL price rally was support initially supported by Solana-based meme coins such as dogwifhat (WIF), Bonk, Myro, and others during the meme coin frenzy. However, the price rally today is a result of Solana projects including Jupiter, Raydium, and Jito.

Also Read: Solana Price Approach $200 Amid Historic Spike in New SPL Token Creation

SOL Price to $210?

SOL price jumped over 15% in the past 24 hours, with the price currently trading at $198. The 24-hour low and high are $166.72 and $193.92, respectively. Furthermore, the trading volume has decreased by 10% in the last 24 hours.

Popular analyst Michael van de Poppe noted the massive run on Solana. He said SOL price saw a 35% correction in higher timeframe in BTC and USDT pairs. Then the price restest before further continuation. He reminded investors that a 20-60% correction is the best entry point for altcoins during the bull market.

Meanwhile, crypto analyst and DeFi expert Miles Deutscher revealed tokens including SOL, SEI, NEAR, FTM, SUI, and others accumulated by him during dips.

Deribit data indicates traders are making fresh calls for $210 and $220 strike price before options expiring March 22. Moreover, traders have 1,280 call options for a strike price of $210, with a notional value of $4 million, indicating traders are targeting $210 before March 29.

Moreover, SOL futures open interest has increased nearly 15% in the past 24 hours, 4% in the past 4 hours, but there is almost a 2% drop in an hour. This indicates massive buying pressure on Solana on derivatives exchanges, but profit booking in short term.

Also Read: Top Analyst Predicts Bitcoin Price Correction to $63K, Best Time to Sell Meme Coins