{"id":575981,"date":"2024-02-20T15:00:39","date_gmt":"2024-02-20T15:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=575981"},"modified":"2024-02-20T13:29:02","modified_gmt":"2024-02-20T13:29:02","slug":"solana-chainlink-coins-overheating-open-interest","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/solana\/solana-chainlink-coins-overheating-open-interest\/","title":{"rendered":"Solana, Chainlink Among Coins With Overheating Open Interest: Data"},"content":{"rendered":"

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels.<\/p>\n

Solana & Chainlink Have Their Open Interest At Notable Values Currently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, there has been a dramatic increase in interest in the derivative market for cryptocurrencies recently.<\/p>\n

The indicator of relevance here is the “Open Interest<\/a>,” which keeps track of the total amount of derivative contracts for any given asset that is currently open on all centralized exchanges.<\/p>\n

Related Reading: Ethereum Breaks $2,900, But Watch Out For Futures Overheating<\/a><\/div>\n

When the value of this metric goes up, it means that the investors are increasing positions on the derivative side of the market. Such a trend may be a predictor for higher volatility<\/a>, as the total leverage in the sector tends to go up when new futures positions pop up.<\/p>\n

On the other hand, a decrease in the indicator implies the holders are closing up their positions or are getting forcefully liquidated by their platform, thus leading to the leverage potentially coming down. As such, this kind of trend can result in the asset’s price becoming more stable.<\/p>\n

Now, here is a chart that shows the trend in the Open Interest for various top assets in the cryptocurrency sector over the past year:<\/p>\n

\"Solana<\/p>\n

Looks like the value of the metric has been sharply going up for some of these assets | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Open Interest has exploded for Bitcoin and Ethereum recently as the latest surge in prices<\/a> has occurred. Generally, such sharp price action attracts a large amount of speculators to the assets, so the indicator’s upward trajectory isn’t surprising.<\/p>\n
The scale of the increase, though, may be a bit concerning. From the chart, it’s visible that the BTC Open Interest is currently around $9.85 billion, while for ETH, it’s about $5.59 billion.<\/p>\n
Among the altcoins, Solana and Chainlink have particularly stood out, as the indicator has touched $1.62 billion and $549 million for them, respectively. These are much smaller values than Bitcoin and Ethereum, of course, but their market caps are also much smaller than these two titans.<\/p>\n
“With Bitcoin, in particular, crossing over $10B in open interest for the first time since July, 2022, this does signal crowd euphoria is alive and well,” notes the analytics firm. “Sometimes rising too quickly can be indicative of some caution flags.”<\/p>\n
Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What\u2019s Going On?<\/a><\/div>\n
The reason that a high Open Interest has historically been a cause for concern is that mass liquidation events become more probable to occur in such market conditions, due to an abundance of leverage.<\/p>\n
Such events, where liquidations can cascade together, are usually chaotic and result in some sharp price action. As Solana, Chainlink, and other top assets have a potentially overheated Open Interest right now, they may be ones to watch in the coming days, as any further increases might serve as a warning.<\/p>\n
SOL Price<\/h2>\n
At the time of writing, Solana is trading around the $110 level, down over 3% in the last seven days.<\/p>\n
\"Solana<\/p>\n
The price of Solana appears to have been moving sideways recently | Source: SOLUSD on TradingView<\/a><\/pre>\n
Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels. Solana & Chainlink Have Their Open Interest At Notable Values Currently According to data from the on-chain analytics firm Santiment, there has been a dramatic increase in interest in the derivative market for cryptocurrencies recently. The indicator of relevance here is the “Open Interest,” which keeps track of the total amount of derivative contracts for any given asset that is currently open on all centralized exchanges. Related Reading: Ethereum Breaks $2,900, But Watch Out For Futures Overheating When the value of this metric goes up, it means that the investors are increasing positions on the derivative side of the market. Such a trend may be a predictor for higher volatility, as the total leverage in the sector tends to go up when new futures positions pop up. On the other hand, a decrease in the indicator implies the holders are closing up their positions or are getting forcefully liquidated by their platform, thus leading to the leverage potentially coming down. As such, this kind of trend can result in the asset’s price becoming more stable. Now, here is a chart that shows the trend in the Open Interest for various top assets in the cryptocurrency sector over the past year: Looks like the value of the metric has been sharply going up for some of these assets | Source: Santiment on X As displayed in the above graph, the Open Interest has exploded for Bitcoin and Ethereum recently as the latest surge in prices has occurred. Generally, such sharp price action attracts a large amount of speculators to the assets, so the indicator’s upward trajectory isn’t surprising. The scale of the increase, though, may be a bit concerning. From the chart, it’s visible that the BTC Open Interest is currently around $9.85 billion, while for ETH, it’s about $5.59 billion. Among the altcoins, Solana and Chainlink have particularly stood out, as the indicator has touched $1.62 billion and $549 million for them, respectively. These are much smaller values than Bitcoin and Ethereum, of course, but their market caps are also much smaller than these two titans. “With Bitcoin, in particular, crossing over $10B in open interest for the first time since July, 2022, this does signal crowd euphoria is alive and well,” notes the analytics firm. “Sometimes rising too quickly can be indicative of some caution flags.” Related Reading: 16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What\u2019s Going On? The reason that a high Open Interest has historically been a cause for concern is that mass liquidation events become more probable to occur in such market conditions, due to an abundance of leverage. Such events, where liquidations can cascade together, are usually chaotic and result in some sharp price action. As Solana, Chainlink, and other top assets have a potentially overheated Open Interest right now, they may be ones to watch in the coming days, as any further increases might serve as a warning. SOL Price At the time of writing, Solana is trading around the $110 level, down over 3% in the last seven days. The price of Solana appears to have been moving sideways recently | Source: SOLUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":576010,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84543],"tags":[142,16295,91686,91688,16097,12837,83626,91685,91687,86410],"class_list":["post-575981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solana","tag-altcoins","tag-chainlink","tag-chainlink-open-interest","tag-chainlink-overheat","tag-link","tag-sol","tag-solana","tag-solana-open-interest","tag-solana-overheat","tag-solusd"],"acf":[],"yoast_head":"\nSolana, Chainlink Among Coins With Overheating Open Interest: Data<\/title>\n<meta name=\"description\" content=\"Data shows Solana and 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Solana, Chainlink Among Coins With Overheating Open Interest: Data","url":"http:\/\/wncen.com\/news\/solana\/solana-chainlink-coins-overheating-open-interest\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/solana\/solana-chainlink-coins-overheating-open-interest\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/iStock-1460700055_d8ef80.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/iStock-1460700055_d8ef80.jpg?fit=2309%2C1299"},"articleSection":"Solana","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","chainlink","chainlink open interest","chainlink overheat","link","sol","solana","solana open interest","solana overheat","solusd"],"dateCreated":"2024-02-20T15:00:39Z","datePublished":"2024-02-20T15:00:39Z","dateModified":"2024-02-20T15:00:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Solana, Chainlink Among Coins With Overheating Open Interest: Data\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-chainlink-coins-overheating-open-interest\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/solana\\\/solana-chainlink-coins-overheating-open-interest\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/iStock-1460700055_d8ef80.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/iStock-1460700055_d8ef80.jpg?fit=2309%2C1299\"},\"articleSection\":\"Solana\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"chainlink\",\"chainlink open interest\",\"chainlink overheat\",\"link\",\"sol\",\"solana\",\"solana open interest\",\"solana overheat\",\"solusd\"],\"dateCreated\":\"2024-02-20T15:00:39Z\",\"datePublished\":\"2024-02-20T15:00:39Z\",\"dateModified\":\"2024-02-20T15:00:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/iStock-1460700055_d8ef80.jpg?fit=2309%2C1299","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/575981"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=575981"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/575981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/576010"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=575981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=575981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=575981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}