Main points:
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Solana kept the support level of $ 140 for a week, the first in more than two months, highlighting the increasing confidence of the traders.
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The interest of Sol Futures Open $ 5.75 billion on April 30, indicating a strong institutional interest.
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With the rise of DeX and $ 9.5 billion TVL, Sol can gather to $ 200 before ETF approval on October 10.
The original symbol of Solana, Sol (Sol), decreased by 4 % between April 29 and April 30 after failing to maintain the level of $ 150. Despite this short -term decrease, traders seem more confident because support of $ 140 has been intact for a whole week, a result that has not occurred for more than two months.
Since the demand for the Sol sites that were reached near the highest level on April 30, traders are now re -realizing the Sol Mobilization opportunities above $ 200.
The open interest in Sol Futures increased to 40.5 million Sol on April 30, which represents a 5 % increase from the previous month and approaches its highest level ever. In terms of the dollar, this represents $ 5.75 billion in future positions, and ranks third in the cryptocurrency market and more than 50 % of the demand for XRP derivatives. This strong adoption of Sol derivatives indicates an increased institutional interest.
Data shows an increase in demand for Sol parking
Traders often believe that increased demand for Sol Futures indicates high optimism. However, since the Longs (buyers) and short pants (sellers) are always matching, the rise in open attention does not necessarily indicate bullish expectations. To understand increased demand for demand for future contracts, one can look at the financing rate of permanent contracts.
Currently, the financing rate on the future of Sol Perpetual is negative, which indicates more demand for vibrant positions. The last period of moderate optimism ended on April 25 after a failed attempt to break more than $ 156. The lack of biological positions to take part in part due to a rise in the price of 43 % in weeks from April 8 to April 29.
The $ 200 goal for Sol may seem ambitious, but the distinctive symbol was trading near $ 195 in mid -February, even after decentralized applications fell 80 % of their peak in January. While Solana has faced criticism of her strong dependence on Memecoins, there is more than the network more than just speculation on new symbols.
Solana is ranked second in the total closed value (TVL), with deposits 9.5 billion dollars, including liquid performance, guaranteed loans, automated return platforms, and artificial derivatives. Many decentralized requests in Solaa are among the highest drawers, where Meteora raised $ 19.1 million in seven days, followed by the pump with $ 18.6 million and JUTO for $ 14.6 million.
The Solana Network dominates the volumes on decentralized exchanges
Since April 14, the average basic layer fee for Ethereum was $ 0.65 or less, however Solana’s decentralized stock exchanges have seen about 90 % of trading sizes. Even when the Eco Layer-2 is included, Solana advanced last week at $ 21.6 billion in decentralized exchange activity.
Positive points from the Solana network include a weekly increase of 87 % in Raydium sizes and a 58 % increase in meteorological activity. Therefore, even if the demand for biological situations remains to take advantage of this, the Sol price may eventually reflect improved Onchain standards.
Related to: More than 70 investment funds circulating in the United States are waiting for SEC’s decision this year
From the trading perspective, Sol can also benefit from potential approval on Solana ETF in the United States. Analysts believe that the deadline for the US Securities and Stock Exchange Committee’s decision is October 10, with a 90 % chance for approval. However, Sol may gather more than $ 200 before this event, as the network is in a good position to attract new retail investors.
This article is intended for general information purposes and does not aim to be and should not be considered legal or investment advice. The opinions, ideas and opinions expressed here are alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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