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This week, the surge in Solana 
$160’s derivatives market highlights a renewed interest among market participants. Open positions increased by 10.11%, reaching $5.55 billion, indicating a resurgence of interest in Solana from both individual and institutional players.
Market Insights on Solana
According to data, as open positions in Solana rise, trading volume also increased by 24.28%, reaching $12.6 billion. This suggests that some traders are eager to establish positions based on short-term price movements.
The growing interest from market participants seems to be accompanied by expectations of volatility regarding the asset. The increased interest in Solana futures contracts suggests that traders are balancing their current positions and developing strategies in response to price fluctuations.
Crypto analyst Andrew Griffiths notes that weekly charts reveal structures resembling a cup and handle formation for Solana. The recent low is around $123.55, while recovery signals and identified target levels stand at $139.80, $141.33, and $143.94.
“An influx of larger wallets entering the space may reflect growing confidence among significant players.” – Ali Charts.
Analyst Ali Charts identifies a crucial support level at $129 and a resistance point at $144, suggesting that a breakout above $144 could lead to subsequent targets of $150 and even $200. However, certain technical formations, particularly the ‘death cross’ model observed on the SOL/BTC chart, may raise concerns regarding price performance.
Expectations for Solana ETFs
The launch of spot Solana ETFs in Canada, featuring staking options within the product, has added extra volatility to the asset. Growing interest in similar products in the U.S. indicates that, according to Polymarket data, the likelihood of Solana ETF approval could reach 74% by the end of 2025.
Institutions like Galaxy Digital have withdrawn significant amounts of SOL Coin from exchanges, with investors shifting toward long-term holding strategies. Additionally, the increase in the number of large wallets is seen as a sign of investors’ confidence in the asset.
These developments suggest that the observed rise in Solana’s market could be attributed to multiple factors. Increased trading volumes, the formation of specific price patterns, and strengthening ETF expectations are capturing the attention of investors.
