Solana Futures Open Interest Nears All-Time High, Traders Reassess Potential Break Above $200

BlockBeats News, May 1st, according to Cointelegraph, Solana has held the $140 support level for a week in a row, marking the first time in nearly two months, indicating an improvement in market sentiment. The demand for SOL leverage positions is approaching a historical peak, and traders are beginning to reassess the possibility of SOL breaking through $200.

The open interest of SOL futures contracts has reached 40.5 million SOL, approximately $5.75 billion, a 5% increase from the previous month. In dollar terms, SOL derivative demand ranks third in the cryptocurrency market, more than 50% higher than XRP derivatives. Institutional participation is increasing, but the perpetual contract funding rate is currently negative, indicating a dominance of short leverage demand. After SOL's failed attempt to break through $156 on April 25, bullish sentiment has somewhat waned. The insufficient demand for bullish leverage may be partially due to SOL's 43% cumulative increase in the past three weeks.

Solana's on-chain TVL is currently reported at $9.5 billion, covering liquidity mining, staking, borrowing, lending, automated yield platforms, and synthetic derivatives. Among the top DApps, Meteora has a weekly revenue of $19.1 million, followed closely by Pump.fun ($18.6 million) and Jito ($14.6 million). Since April 14, the weekly trading volume of Solana's on-chain DEX has reached $21.6 billion, surpassing the total of Ethereum's L2 ecosystem. The final approval deadline for the U.S. Solana spot ETF is October 10, with analysts stating a 90% probability of approval. Improved on-chain metrics may simultaneously drive SOL to break $200 before ETF approval.