Solana derivatives market has experienced significant growth this week. Data shows Solana’s open interest index has increased by 10.11% to $5.55 billion, and trading volume has grown by 24.28% to $12.6 billion. This rise indicates a renewed interest from retail and institutional traders in the Solana market, signaling expectations of price fluctuations in the short term range. Currently, Solana’s price fluctuates between $129 and $144, with analysts speculating the possibility of breaking this price range. Data also reveals whales accumulating Solana, with Galaxy Digital withdrawing approximately 606,000 SOL worth around $79.7 million from exchanges, staking 462,000 SOL valued at $60 million. Furthermore, the number of wallets holding over 10,000 SOL has increased by 1.53% to reach 5,019. Market analyst Andrew Griffiths has reported the formation of a bullish ‘cup and handle’ pattern on Solana’s weekly chart. Ali Martinez has identified crucial support at $129 and resistance at $144 for Solana. Crossing the $144 level could pave the way towards the $150 to $200 price range. Meanwhile, the launch of Solana spot ETFs in Canada and their listing on the Toronto Stock Exchange has garnered significant attention. According to Polymarket data, the probability of approval for a Solana ETF in the United States by the end of 2025 is around 74%. Although no official action has been taken yet, the participation of companies like Fidelity, VanEck, Franklin Templeton, and Grayscale among applicants indicates an increase in institutional acceptance of this asset. You can monitor the live prices of all tokens and cryptocurrencies on the momentary digital currency price page.
