Core:
Solana has a $ 140 support level for a week, and the first -time trust of merchants has increased for more than two months.
SOL FUTURES revealed $ 5.75 billion on April 30, showing strong institutional interests.
Dex volume rose and $ 9.5 billion in TVL, SOL was able to rally $ 200 before ETF approval on October 10.
SOL (SOL), an indigenous token of Solana, fell 4% after failing to maintain $ 150 between April 29 and April 30. Despite these short -term decline, traders seem to be more confident as a result that has not occurred for two months, with $ 140 support for a week.
As the demand for the SOL position, which was led on April 30, reached its record high, traders now have a possibility of more than $ 200.
SOL FUTURES released interest rose to 45 million soles on April 30, up 5% from the previous month and closer to a record high. In the dollar term, it takes $ 57.5 billion in the futures position, third in the cryptocurrency market, 50% higher than the demand for XRP derivatives. This strong adoption of SOL derivatives point out that institutional interest is increasing.
Data shows an increase in demand for the weak leverage SOL location.
Traders often believe that the increase in demand for SOL futures signals increases optimism. However, because Long (buyer) and shorts (sellers) always match, interesting interest does not necessarily mean strong. To better understand the demand for leverage of SOL FUTURES, you can look at the rate of financing of permanent contracts.
Currently, Sol Perpetual Future’s financing rate is negative, which is more demand for weakness. The last period of the medium -level optimism ended after an attempt to break more than $ 156 on April 25. The lack of optimistic location may be due to the price of 43%of SOL’s top for three weeks from April 8 to April 29.
The $ 200 goal for SOL may seem ambitious, but tokens were traded in mid -February after the decentralized application in mid -February decreased by 80% in the peak in January. Solana faced criticism of many dependence on Memecoins, but there are more networks in the network than speculation on new tokens.
SOLANA ranked second in total value lock (TVL) with a $ 9.5 billion deposit, including liquid staying, mortgage, automatic return platform and synthetic derivatives. Some Solana diversification applications are one of the highest commission earners, and Meteora has collected $ 19.1 million in seven days, and $ 18.6 million and JUTO earned $ 14.6 million.
Solana Network dominates the amount of distributed exchanges
Since April 14, Ether Lee’s average basic hierarchy is less than $ 0.65, but Solana’s distributed exchanges showed almost 90% higher trading volume. Solana led $ 21.6 billion last week to include the entire Ether Leeum Layer -2 ecosystem.
The positive highlights of the Solana Network include an increase of 87% of raydium and an increase of 58% of the Meteora activity. Therefore, even if the demand for optimistic locations remains flat, the price of the SOL can eventually reflect the improved onchain metrics.
relevant: More than 70 US password ETFs are waiting for SEC decisions this year.
From a trading point of view, SOL can also benefit from the possibility of approval of the US Spot Solana ETF. Analysts believe that the final deadline for the decision of the US Securities and Exchange Commission is October 10 and 90%of the possibility of approval. Nevertheless, SOL can meet more than $ 200 before this event.
This article is for general information purposes and should not be considered legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.