SOL price has recently surpassed the $200 mark, reaching $205 due to an 18% rally within two days, raising hopes that it could continue climbing toward $250. Despite this rise, the underlying data indicates a cautious sentiment among traders. Onchain activity supports the price increase, with a 48% rise in transaction count, contrasting with a 41% decline in BNB transactions. However, the perpetual futures funding rate for SOL is neutral, indicating limited bullish momentum. Furthermore, Solana's decentralized exchange (DEX) volumes have fallen for three consecutive weeks, casting doubt on sustaining the rally. While onchain and derivatives data do not predict an imminent surge in enthusiasm among traders, the absence of excessive leverage could favor a sustainable increase in price. Participation from retail traders and institutional inflows may be crucial for any substantial progress, especially considering the need for regulatory approvals for a Solana ETF to catalyze interest.

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