According to a recent report from COINOTAG dated May 1st, Solana has successfully sustained its critical $140 support level for the past week, marking a notable shift in market sentiment after a two-month period of volatility. This trend has coincided with a surge in demand for SOL leverage, approaching historical highs, which has prompted traders to reevaluate the potential for Solana to breach the $200 threshold.
The open interest in SOL futures contracts has escalated to approximately $5.75 billion, reflecting a 5% increase month-over-month. Among derivatives in the cryptocurrency landscape, SOL now ranks third, significantly outperforming XRP by over 50%. Despite rising institutional engagement, the perpetual contract funding rate is currently in negative territory, suggesting a prevailing preference for short positions.
After a recent attempt to exceed $156 on April 25th met with resistance, trader optimism has diminished, attributed partly to SOL’s impressive 43% gain over the last three weeks. With an on-chain total value locked (TVL) now at $9.5 billion, Solana’s ecosystem continues to thrive across various sectors, including liquidity staking and synthetic derivatives.
Among decentralized applications, Meteora has achieved the highest weekly revenue at $19.1 million, with Pump.fun and Juto closely trailing. In terms of trading volume, Solana’s on-chain decentralized exchange (DEX) has reported an impressive $21.6 billion in transactions since April 14th, outpacing Ethereum’s layer-2 solutions. Looking ahead, the final approval deadline for the U.S. Solana spot ETF is set for October 10th, with analysts estimating a 90% likelihood of approval, which may further bolster SOL’s market position.