Key points:
Solana held the $140 support level for a week, a first in more than two months, highlighting traders’ growing confidence.
SOL futures open interest hit $5.75 billion on April 30, showing strong institutional interest.
With rising DEX volumes and a $9.5 billion TVL, SOL could rally to $200 before a potential spot ETF approval on Oct. 10.
Solana’s native token, SOL (SOL), fell 4% between April 29 and April 30 after failing to sustain the $150 level. Despite this short-term decline, traders seem more confident as the $140 support remained intact for a whole week, an outcome that hadn’t happened in over two months.
As demand for leveraged SOL positions reached near record highs on April 30, traders are now reconsidering the chances of a SOL rally above $200.
Solana futures aggregate open interest, SOL. Source: CoinGlass
SOL futures open interest climbed to 40.5 million SOL on April 30, marking