The interest in Solana's term contracts achieves unrivaled heights, with $ 5.75 billion in positions open on April 30. This spectacular increase in the use of the lever effect, however, raises questions about the direction that the soil could take in the coming weeks.
In short
- The open interest in soil term contracts reached $ 5.75 billion on April 30, placing Solana in the third position on the Crypto derivative market.
- The support of the $ 140 has been holding for a week, testifying to increased investors.
- Despite negative financing rates, the Solana ecosystem has remarkable solidity, with a TVL of $ 9.5 billion.
- The approval prospects of an ETF Solana Spot in October could propel the course of the soil around $ 200 before this deadline.
Institutional interest in high rise
On April 30, the interest opened on Solana's term contracts reached 40.5 million soil, an increase of 5% compared to the previous month. This level now approaches the highest ever recorded.
In value, this represents $ 5.75 billion in term positions, positioning soil as the third most traded active in the Crypto derivatives market, exceeding demand for XRP derivatives.
This growth testifies to a growing institutional interest for Solana. The recent crossing of the $ 150 mark with an impressive increase of 8% over 24 hours shows a renewed optimism of investors.
This Haussier movement comes after a consolidation period when support at $ 140 remained intact for a full week.
However, the data anterior revealed a more nuanced reality. The rate of financing of perpetual soil term contracts was negative at the end of April, indicating increased demand for lowering positions. The recent bullish movement could point out a change of feeling among traders.
The Solana ecosystem demonstrates its fundamental strength
If reaching $ 200 may seem ambitious, remember that Sol was exchanging nearly $ 195 in mid-February. With the current price of $ 151.78, this target now seems more accessible. Beyond the same people who have made its recent renown, Solana offers a diversified and efficient ecosystem.
With $ 9.5 billion of total blocked value (TVL), Solana ranks second in all blockchains. Its ecosystem also includes liquid storage protocols, loan platforms, and synthetic derivatives.
Several decentralized applications generate impressive income: Meteora collected $ 19.1 million in a week, followed by Pump.fun with 18.6 million.
Even more remarkable, Solana dominates the decentralized exchange volumes with $ 21.6 billion in weekly activity, surpassing the entire Ethereum ecosystem and its layer 2 solutions.
The possible approval of an ETF Solana Spot by the American sec by October 10, estimated at 90% of success according to analysts, could serve as an additional catalyst. With the solid fundamentals of its ecosystem and the current price dynamics, Sol could well exceed $ 200 in the coming months.
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