Solana Open Interest Soars 10% — Are Whales Preparing for a Major SOL Rally?
Jakarta, Pintu News – Recently, the Solana derivatives market experienced a significant spike in activity this week. According to the latest data, open interest rose by 10.11%, reaching $5.55 billion.
This increase shows that more and more traders are opening new positions on Solana , signaling a return of interest from both retail and institutions.
Solana’s Open Interest and Trading Volume Increase
Based on data from Coinglass, Solana’s open interest has increased along with a 24.28% surge in trading volume, which now stands at $12.6 billion.
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This increase in market participation led to a spike in open interest and turnover. This trend suggests that some traders are starting to build positions, anticipating possible Solana price movements in the daily to weekly timeframe.
This development also indicates rising expectations of market volatility. Funds are flowing into Solana futures and perpetual contracts, both from those maintaining existing positions and from speculators betting on changes in the price of these assets.
This data was recorded as Solana prices moved within a range of $129 to $144, with analysts expecting a breakout in the near future.
Whale Activity Shows Long-term Confidence
Recent data showed that whales started adding to their holdings in Solana (SOL), strengthening indications of new capital inflows.
In addition, the Lookonchain platform reported that Galaxy Digital has withdrawn around 606,000 SOL from the exchange, worth approximately $79.7 million. Of these, approximately 462,000 SOL (worth approximately $60 million) have been directly transferred for staking.
This movement suggests a prioritization of long-term holding strategies while reducing circulating supply, two factors that can affect price movements in the short term.
In addition, there was an increase in the number of wallets holding more than 10,000 SOL. According to Ali Charts analysts, the number of whale wallets increased by 1.53% during the week, from 4,943 to 5,019 wallets.
“More large wallets coming in could reflect growing confidence from large market participants,” said Ali Charts on platform X.
This activity usually correlates with a more bullish SOL price outlook, as selling pressure from whales tends to decrease.
SOL Price Technical Patterns and Important Levels
According to crypto analyst Andrew Griffiths, Solana (SOL) price recently formed a Cup and Handle pattern on the weekly chart, which is generally considered a bullish signal.
According to the chart, SOL prices bottomed out at $123.55 and are now showing signs of steady recovery. The initial price targets set by the analyst are $139.80, $141.33, and $143.94.
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Another analyst, Ali Charts, mentioned that Solana’s main support is at $129, while its important resistance is at $144. If the price manages to break above $144, the path to $150 and even $200 could open up, especially if the current positive trend continues.
However, there is also a cautionary signal: there is a potential “death cross” formation on the SOL/BTC pair chart, which usually signals a downtrend against Bitcoin .
However, technical analyst Lordofalts thinks that a breakout from the parallel channel pattern seen on the chart could alleviate these concerns.
Solana ETF Expectations Rise to 74%
The launch of the Solana spot ETF in Canada was also a positive catalyst for the market. This staking-enabled ETF is already listed on the Toronto Stock Exchange, and its presence sparked renewed interest in similar products in the United States.
According to data from prediction platform Polymarket, the chances of a US-based Solana ETF being approved before the end of 2025 now stand at 74%. However, the chances of approval by July 2025 are still low, at just 24%.
Several large asset managers such as Fidelity, VanEck, Franklin Templeton, and Grayscale have submitted proposals to launch Solana ETFs.
Although real activity has been limited to date, the filing reflects institutional investors’ growing acceptance of the digital asset-a sign that could be a driver of future upward price trends.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
Reference:
- Coingape. Solana Open Interest Jumps 10% As Whale Activity Hints At SOL Price Rally. Accessed on April 21, 2025
