Solana News Today:

Crypto markets have experienced a bearish turn in recent trading sessions, with investors shifting attention to emerging opportunities amid growing volatility. Notably, the presale of a new project, Remittix, has captured significant interest in September as it prepares to launch its beta wallet. The broader crypto landscape, however, remains in a state of consolidation, with Solana (SOL) showing mixed signals in terms of price performance and onchain activity.

Solana’s open interest (OI) in derivatives markets has surged to an all-time high of $13.68 billion, reflecting heightened speculative activity among traders [1]. This figure has increased substantially in recent weeks, reaching record levels just as the network implemented a major upgrade known as Alpenglow. The upgrade, which has received 98.27% approval from the community, significantly improves transaction finality times—reducing them from 12.8 seconds to just 150 milliseconds. This advancement, combined with a throughput of 107,540 transactions per second, positions Solana as a more competitive blockchain compared to Ethereum [1].

Technical analysis suggests that if Solana’s price can break through resistance levels in the $210–$250 range, it could potentially reach as high as $1,000. The current price is trading near $206, with a 36% recovery from a low of $155 in early August. On the weekly chart, Solana has formed a bullish megaphone pattern and has also broken out of a cup-and-handle formation, both of which are traditionally seen as strong indicators of upward movement [1]. Analysts like Gally Sama have echoed this view, emphasizing that a breakout above $210 could trigger a wave of institutional buying and ETF speculation [1].

Despite the bullish sentiment, onchain activity has shown a concerning decline. Over the last 30 days, Solana’s transaction count has dropped by 99%, while DEX volumes have fallen by 65% to $10.673 billion [1]. These numbers highlight a disconnect between the price action and the actual usage of the network, raising questions about the sustainability of the current rally. Meanwhile, Ethereum has seen a 39% increase in transaction volume over the same period, indicating a shift in user preference toward the more established network [1].

As the broader crypto market continues to consolidate, new projects like Remittix are gaining traction. The platform’s presale has become a focal point for investors looking for opportunities in the bear market, with its upcoming beta wallet launch generating substantial interest. While it is too early to assess the long-term impact of Remittix on the broader crypto ecosystem, its rapid adoption highlights the growing demand for innovative solutions in the space. The project’s success could signal a new phase for cross-border remittances and decentralized finance, particularly as traditional financial systems become more intertwined with blockchain technology [1].

Source: [1] Solana Open Interest Hits $13B All-time High (https://cointelegraph.com/news/solana-charts-1000-sol-price-target-open-interest-all-time-highs)