Solana price prediction: OKX open interest up 24 percent as SOL breaks below its 200-day average

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Analysis: OKX traders hold 24 percent more SOL in open contracts than two weeks ago, even though the price has fallen to $87. What that leverage means for the $85 level, and how leveraged gains are taxed in Germany.Add as a preferred source on GoogleFollow on Google NewsSolana trades at around $87 on Monday afternoon, November 9, and the futures market paints a picture that does not match the falling price. At OKX, one of the world's largest derivatives exchanges, open SOL contracts most recently amounted to 4.33 million SOL. Two weeks earlier the figure was 3.49 million SOL, an increase of 24 percent. Over the same period the price fell from $101 to $86. What the data shows: traders opened additional positions into the decline, and most accounts are betting on higher prices. Our assessment follows further down. This leverage makes the $85 level more important than any other number this week. Where the price could head over a horizon of months is covered in our Solana price pred...