Key takeaways:
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SOL’s futures open interest surged to a 2-year high, reflecting growing institutional interest.
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Rising competition from other blockchains and neutral funding rates continue to dampen SOL’s bullish momentum.
Solana’s SOL (SOL) failed to hold its bullish momentum after gaining 10% between Monday and Thursday. The cryptocurrency has shown weakness after testing the $180 level several times in May, but traders’ growing interest in leveraged positions could open the path to $200 and beyond.
On Wednesday, total open interest on SOL futures reached 46.2 million SOL, the highest in over two years and up 22% from the previous month. Demand from buyers is always matched by sellers, but the rise in activity signals increased participation from institutional investors.
With $7.4 billion in open futures positions, SOL is drawing more attention from savvy market…
