CME Group to Launch Solana Futures Amidst Market Volatility

The Chicago Mercantile Exchange (CME) Group announced on February 28 the launch of Solana (SOL) futures contracts on March 17, pending regulatory review. This move will offer market participants access to micro contracts of 25 SOL and standard contracts of 500 SOL, all cash-settled. Following the announcement, SOL's price experienced a surge of approximately 17%, climbing from around $125 to $146. However, SOL has been on a downtrend in February, dropping roughly 46% since the start of the month. The addition of Solana futures aims to provide traditional finance investors with increased exposure to crypto markets and inject fresh capital, potentially supporting prices. Currently, SOL trades below its 200-day exponential moving average, with the relative strength index (RSI) at 33, nearing oversold territory.