Solana's SOL cryptocurrency faced a rejection at $158, dropping to $143 within a week, signaling a 14% loss. As trader interest waned, particularly in leveraged SOL positions, there are concerns about reaching the $200 price target. The total open interest in SOL futures surged to 45.7 million SOL, valued at $6.7 billion, indicating significant market activity. However, the funding rate for perpetual futures fell to 0%, suggesting bearish sentiment among investors. Network activity on Solana has stagnated since January, with decentralized application revenue dropping from over $100 million to below $40 million weekly. The potential approval of a SOL spot ETF by the US Securities and Exchange Commission could be a short-term catalyst for price recovery. Analysts highlight the longer-term growth potential of tokenized securities on Solana, asserting it could surpass Ethereum in various metrics. Despite the current market challenges, institutional interest and broader blockchain adoption may reverse negative sentiment and support the journey toward a $200 SOL price.

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