SOL Rally To $200 Possible As ETF Approval Odds Rise
Solana's SOL failed to maintain bullish momentum after a 10% gain, struggling around the $180 level. Total open interest in SOL futures reached 46.2 million SOL, the highest in over two years, indicating increased institutional interest. Despite $7.4 billion in open futures positions, investor sentiment remains cautious as SOL trades at $155, significantly below its all-time high of $294. Decentralized exchange activity on Solana has dropped to $10.5 billion weekly, down from $29.2 billion, with BNB Chain gaining market share due to lower fees and better integration with Binance. SOL's perpetual futures funding rates have fluctuated between neutral and slightly bearish, lacking strong bullish sentiment. Speculation around a potential spot ETF for SOL may influence short-term prices, but current trends do not indicate a clear path to $200. Rising competition among decentralized applications is contributing to weakened investor expectations for SOL.
