Solana futures open interest reached a record $16.6 billion, with stable perpetual futures funding rates indicating potential for further price increases. Over the past week, SOL has surged by 17%, approaching its highest weekly candle close since January. This week's rally is driven by spot purchases, particularly from Galaxy Digital, which acquired $326 million in SOL for Multicoin Capital's trust. The critical $250 level has multi-year significance, historically serving as a resistance point, and is seen as a pivotal pivot for price action. With SOL currently trading 15% below its all-time high of $295, market dynamics and institutional interest are supporting a bullish outlook. Analysts note that if SOL can maintain a weekly close above $250, it could pave the way for a retest of $295 and potential new highs beyond $300 in Q4. The market's structure suggests a balanced risk between long and short positions, with a growing strategic reserve poised to provide liquidity and mitigate sharp reversals.

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