- Solana’s Open Interest hits $6.8B, highest since March, as futures traders bet on continued price upside.
- SOL’s TVL jumps 5% to $118B, signaling DeFi growth amid a 2.7% price pullback from $175.
Solana (SOL) trades near $173, up 0.6% in 24 hours, as traders assess conflicting signals from derivatives, whale activity, and technical indicators. The asset’s Open Interest (OI) in futures contracts reached $6.8 billion, its highest since March, reflecting renewed speculative interest. Simultaneously, Solana’s decentralized finance (DeFi) total value locked (TVL) rose 5% in a day to $118 billion, signaling ecosystem growth.
Futures and TVL Growth Underpin Momentum
Solana’s OI surge coincided with a price climb to $175 before a 2.7% pullback. The rise in futures activity suggests traders anticipate further gains rather than hedging against losses.
TVL growth, meanwhile, aligns with broader DeFi trends, indicating user engagement with Solana-based applications like lending and trading platforms.
Solana’s Relative Strength Index (RSI) stands at 74, nearing overbought territory. While the Moving Average Convergence Divergence (MACD) remains bullish, the RSI suggests short-term cooling could precede another rally.
Key Fibonacci levels at $163 (support) and $177 (resistance) may guide near-term price action. A break above $177 could test $185, while a dip below $163 risks deeper correction.
Whale Activity and Liquidation Risks
A whale transferred 132,573 SOL ($22.9 million) to Kraken, mirroring patterns seen in earlier large transactions. Such moves often precede volatility, though SOL’s price has so far absorbed the pressure.
Liquidation heatmaps show concentrated long positions near $175, creating vulnerability to sudden price drops. Long liquidations totaled $3.33 million recently, exceeding short liquidations of $1.8 million, indicating skewed market exposure.
Social media mentions of Solana have declined sharply since January, with Social Dominance dropping from 18.93% to 3.56%. However, positive funding rates (+0.013%) suggest traders still favor bullish positions.
Historically, such conditions have aligned with upward price trends, though excessive leverage raises liquidation risks.
Rising TVL and OI reflect optimism, but overbought signals and whale-driven liquidity shifts inject caution. The asset’s ability to hold above $163 or breach $177 will likely determine its trajectory in the coming weeks.
Solana (SOL) is currently trading at $171.32, reflecting a -3.70% drop in the last 24 hours, despite delivering a strong +52.00% monthly gain and +16.76% weekly increase.
On a longer time frame, Solana is still down -9.25% year-to-date and -22.96% over the past 6 months, but remains in recovery mode, sitting +323.09% above its all-time low. With a market cap of $88.99 billion and 24-hour trading volume at $4.67 billion, Solana remains one of the most actively traded and institutionally watched altcoins.
From a technical standpoint, Solana is consolidating beneath a major resistance level near $175–$180, where past rejections have occurred. If SOL breaks above this zone with convincing volume, the next leg could extend toward $195–$210.
Key support sits around $160–$155, where buyers have previously stepped in aggressively. The daily RSI is neutral, suggesting more upside potential remains if bulls regain control.
