Solana futures open interest nears all-time high — Will SOL price follow?
Solana's native token, SOL, declined 4% from April 29 to April 30, unable to maintain the $150 level, but found support at $140 for a week. Demand for leveraged SOL positions surged near record highs, prompting traders to reassess the potential for a rally above $200. SOL futures open interest rose to 40.5 million SOL, a 5% increase, totaling $5.75 billion, indicating strong institutional interest. Despite this, the negative funding rate on perpetual contracts suggests a preference for bearish positions. Solana ranks second in total value locked at $9.5 billion, with significant decentralized application activity. Solana's decentralized exchanges outperformed Ethereum, achieving $21.6 billion in trading volumes. Analysts anticipate a potential spot Solana ETF approval by October 10, which could further boost SOL's price.
