Solana Token Shows Moderated Optimism Amid ETF Speculation
Key takeaways:
- SOL futures and funding rates show moderate optimism, but no strong bullish positioning yet.
- Network activity and ETF anticipation support upside, but confidence among big players remains muted.
Solana’s native token (SOL) experienced a 28% rally over three weeks, generating positive momentum after nearly two months of bearish price action and currently trading near $190, its highest level in five months.
The current 16% annualized funding rate for SOL indicates moderate retail trader enthusiasm but remains within a healthy range (typically 5%–15% under neutral conditions), suggesting long positions pay a premium to maintain exposure.
Although SOL lagged behind the broader altcoin market during the recent surge—(ETH rose 51%, XRP jumped 41%)—network activity remains weak, currently at 85% below January levels. A 27% increase in 30-day network fees offers a positive counterpoint.
SOL Needs Network Growth to Reach $260
While bullish leveraged positions aren’t essential for a potential $260 rally, sustained buying pressure depends heavily on network activity improvement. Key metrics show promise: SOL generated $32.9 million in network fees over 30 days alongside $12 billion TVL, compared to Ethereum’s $91 billion deposit amount.
Futures Market Shows Neutral Shift
Examining monthly futures reveals a market sentiment shift. SOL’s 3-month futures premium recently hit the neutral 6% level for the first time in five months, indicating a departure from earlier bearishness, though mood remains far from bullish.
The potential US SEC approval of multiple Solana ETFs could unlock institutional demand, following the success of Ether ETFs. The existing SSK ETF has accumulated $130 million in assets.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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