Despite a recent 4% dip on April 30, Solana's native token, SOL, is showing signs of a potential rally. The $140 support level has held firm, bolstering trader confidence. Increased demand for leveraged SOL positions suggests a possible surge above $200, despite current funding rates.
Key Indicators
SOL futures open interest reached 40.5 million SOL on April 30, a 5% increase from the previous month, nearing its all-time high. This represents $5.75 billion in futures positions, surpassing XRP derivatives by over 50%, indicating strong institutional interest. Solana's decentralized exchanges (DEXs) are experiencing high trading volumes. Solana continues to dominate DEX volume among different chains, recording $20 billion in trading volume over the last seven days.
Solana's total value locked (TVL) stands at $9.5 billion, ranking second overall. Meteora, Pump-fun, and Juto are leading fee-generating decentralized applications on the network.
ETF Approval Anticipation
Analysts anticipate a potential spot Solana ETF approval by October 10, 2025. Bloomberg Intelligence analysts have assigned a 90% chance to Solana ETF approval in 2025. This could further drive SOL's price, potentially leading to a rally above $200 before the decision.