Solana (SOL) is making headlines as its open interest in derivatives markets has surged to $6.88 billion, marking a 4% increase from the previous day. This uptick signals growing participation from traders and investors who are betting on Solana’s next big move. Alongside this, trading volume in Solana derivatives has climbed to $11.65 billion, up over 5% in just 24 hours, reflecting heightened activity and renewed interest in the cryptocurrency.
Diverging Sentiment Across Exchanges
A key metric to watch is the long/short ratio, which shows whether traders expect the price to rise (long) or fall (short). The overall ratio stands at 0.944, indicating a slight tilt toward bearish bets. However, the picture changes dramatically on major platforms: on Binance, the ratio is 3.18, and on OKX, it’s 3.11, both suggesting that most traders there are optimistic about Solana’s price direction.
Liquidations and Market Volatility
Recent trading has seen significant liquidations, with $1.2 million lost on long positions and $6.6 million on shorts in just one hour. This pattern hints at a possible upward trend, as more short positions are being wiped out. Meanwhile, options market volume has dropped by nearly 45% to $958,000, suggesting that some traders are waiting for clearer signals before making big moves.
Price Action and Market Outlook
According to CoinMarketCap, SOL’s price has dipped 4.3% in the last 24 hours, currently trading around $149.48. The coin has been fluctuating between $148 and $157.50, offering potential entry points for those interested in Solana’s DeFi and NFT ecosystems. Despite the recent pullback, Solana maintains a “Profile Score” of 66%, indicating room for growth and improvement.
Source: CoinMarketCap
Whale Activity and Network Developments
Large holders, often called “whales,” have been active, with over 661,000 SOL moved between unidentified wallets. Such movements can precede significant price shifts, so they’re closely watched by market participants.
What’s Next for Solana?
Analysts expect Solana to trade between $150 and $195 in June, with key resistance at $165 and a potential breakout target of $210 if bullish momentum builds . If the price holds above $150, the uptrend could remain intact, especially as network upgrades and ecosystem developments continue to attract attention.
For those considering an entry, monitoring network improvements and broader market sentiment will be crucial. As always, crypto markets remain volatile, so staying informed is key.
