TLDR
- Solana CME futures open interest hits $1.5B after launch of first US staking ETF.
- SOL price jumps 17% to $217 amid bullish chart patterns and rising derivatives activity.
- Solana’s transaction volume drops 99% in 30 days, while Ethereum sees a 39% increase.
- Active Solana addresses fall 22%, signaling reduced on-chain usage despite network upgrades.
Solana’s derivatives market is gaining strong traction as the open interest in CME futures reaches $1.5 billion. This record comes shortly after the launch of the first US-based Solana staking exchange-traded fund (ETF), which has drawn attention from institutional investors. The milestone reflects growing market activity surrounding Solana and adds new momentum to the network despite ongoing concerns about on-chain usage.
Rising Futures Activity and Institutional Interest
The open interest in Solana CME futures has reached $1.5 billion, marking a new peak in derivatives trading for the network. This growth is linked to the recent debut of the first US Solana staking ETF, which has encouraged participation from institutional investors. The futures market allows investors to hedge or speculate on price movement, and growing open interest is often seen as a sign of market confidence.
Across major exchanges, total open interest in Solana futures now stands at $13.68 billion. This trend indicates rising participation from hedge funds and trading firms. Increased liquidity in the futures market may also contribute to higher price volatility. Market analysts have noted that open interest tends to expand when large players expect movement, either due to technical patterns or fundamental developments.
SOL Price Gains Amid Technical Patterns and Network Upgrade
Solana’s spot price has increased by 17% in recent weeks, rising to $217. Analysts attribute this growth to positive momentum from derivatives markets and ETF flows. Technical charts show bullish patterns, such as a megaphone structure and a cup-and-handle formation, which could push the price higher. If SOL breaks through resistance levels near $250 and $330, projections suggest possible targets above $1,000.
Alongside price movements, Solana has completed a network upgrade known as Alpenglow. The update has reduced transaction finality from 12.8 seconds to 150 milliseconds. This change improves the chain’s ability to handle high-frequency trading and supports better performance for decentralized applications. The upgrade is expected to increase the platform’s competitiveness in areas such as trading, payments, and DeFi.
However, while network performance has improved, daily usage has declined. On-chain data shows that the number of transactions has dropped by 99% in the last 30 days. Active wallet addresses have also decreased by 22%. This decline contrasts with Ethereum, which has seen a 39% rise in transactions during the same period. The gap suggests reduced retail or developer activity on Solana, even as institutional flows increase.
ETF Launch Signals Broader Market Expansion
The introduction of the first US Solana staking ETF has opened new access points for institutional investors. The fund enables exposure to Solana’s staking yields without requiring direct wallet management. Since its launch, it has drawn notable flows that appear to be contributing to rising open interest and market liquidity.
This ETF also marks an expansion of crypto-based investment products in traditional markets. With Solana added to the list of blockchain networks supported by ETFs, more investors may consider allocating capital to it. While this shift may support price growth and visibility, it does not directly increase blockchain usage. The challenge for Solana will be to maintain user engagement alongside growing financial interest.
On-chain metrics will be closely watched in the coming weeks to assess whether increased capital flows translate to broader ecosystem growth.
