Solana's open interest (OI) and price have both dropped in the last 24 hours, reflecting a broader decline in the cryptocurrency market. Despite this, traders see it as a favorable opportunity. As of April 14, Solana's OI was $1.62 billion, down 21% from the previous day, while its price stood at $136.54, down 11%.

The decrease in price wiped out $36.55 million of traders' long positions. Other top cryptocurrencies like XRP, Dogecoin, and Cardano have also experienced significant declines. Traders remain cautiously optimistic about the altcoin market despite uncertainties about how long the downturn will last.

Some traders, like GCR Classic, see it as a chance to invest in high conviction tokens, while others, like Kyle Chasse, anticipate potential gains in altcoins. However, on-chain analysis by Glassnode suggests that previous euphoria phases have seen more severe Bitcoin drawdowns, which could affect the broader market.

Solana's network has faced issues recently, with congestion forcing project launches to be postponed. Developers are working on resolving these technical difficulties by April 15.