- SOL has recovered greatly from the chart and has almost 20% hiking in 24 hours.
- Cme group
In the last 24 hours, Solana (SOL) has risen strong on the price chart. In fact, Altcoin recovered from the minimum of $ 125 for 6 months and rose to 151 -A 20%recovery.
In the same period, Solana’s trading volume was 32.59%, reaching $ 65.5 billion. Similarly, the amount of options rose 63% to $ 512 million, up to $ 4.6 billion, up 14.86%.
In light of the latest price pumps, the questions arise are whether or not the SOL can maintain this. According to AmbCrypto’s analysis, the latest announcement of the CME group can be a good news that investors are waiting for.
The CME group starts Solana Future
According to the press release of CME Group, the main derivatives announced plans to review Solana Futures on March 17 and conduct regulatory reviews.
Launching the market participants can trade a large contract (500 sol) with a micro -size contract (25 sol).
CME Group’s encryption product manager has been added.
“With the beginning of the new Sol Future Contracts, we are responding to the increase in customer demand for a wide range of regulatory products to manage the risk of cryptocurrency prices.”
Importantly, the CME group believes that Solana will continue to grow and develop as the most reliable platform for investors and developers. CME Group SOL FUTURES will be settled in cash and based on the CME CF Solana-Dollar reference rate. Therefore, their entry will be a great help to all stakeholders in the ecosystem.
The meaning of the price of SOL
As expected, the announcement was well -received by investors, and whales have changed to accumulate Altcoin. In short, the whale is now actively accumulating SOL.
According to Lookonchain, whales have accumulated 95,640 SOL tokens of $ 14.2 million. When a whale accumulates, it indicates that it has an opportunity to reflect optimistic feelings or to buy dip.
Source: Defillama
This purchase activity can be further confirmed by the recent drop in SPOT Netflows. According to Defillama, this decreased from 1.2 million to -3.1 million. When Netflows turns into positive, it means that assets are more accumulated than sales addresses. This also shows strong positive emotions when participants buy.
Therefore, CME Group’s announcement inspired market participants, including whales, to return to the market.
Source: Coinalyze
This change of emotion is not only an isolated case among whales, but also all over the market participants. This can be proven by the discovery of aggregated financing rate AVG. Positive funding rate AVG means that most investors are in charge of long positions, and for a long time, they are willing to pay premium fees to take their positions. This is a sign of strong strong feelings that investors expect prices.
In short, Solana mentions the short -term change in market sentiment. The bull has entered the market to replace the bear, and if this change can be maintained for a period of time, SOL can see more recovery.
Thus, the dominant feelings are located so that the SOL can recover $ 169. But when this participant exits the market, Bears keeps his pending and SOLS falls to $ 136.