Solana (SOL) stands out in the digital currency realm with its volatile growth trajectory. Currently, SOL's price has dipped by 1.92% to $165.94, falling from its recent high of $180.17 within 24 hours. Such price fluctuations are not uncommon in the market, but despite the apparent bearish trend, the Solana Open Interest (OI) data presents a contrasting view. According to Coinalyze data, the OI stands at $2 billion, marking a 2.37% increase in the last day. This substantial OI indicates a bullish sentiment towards SOL from a derivatives perspective.

This optimistic shift holds significance for Solana, especially following reports from Bloomberg that the FTX Estate has concluded its Solana sales. This development is crucial as it marks the end of significant selling pressure exerted on the coin by the bankrupt entity.

Following FTX's downfall, efforts were made to liquidate assets to settle debts, with approvals granted for the auctioning of Solana and other altcoins held by the firm. Entities like Pantera have notably benefited from these auctions. With concerns about sell-offs alleviated, analysts anticipate that Solana can now experience price movements driven by natural market forces, potentially leading to a notable uptrend due to its perceived undervaluation.

In recent months, Solana has addressed network congestion issues through mainnet fixes, further bolstering its position. Alongside the positive Open Interest data, Solana is supported by fundamental factors, including ETF forecasts, which suggest a potential retest of $200 in the medium term.