key takeaways:
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Solana’s onchain growth supports the current rally, but the dex market share signal reduces the vigilant trader spirit.
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Soul’s always futures funding near neutral suggests a limited speed speed.
Solna, the native token of Solan, touched $ 205 on Tuesday after 18% rally in less than two days. Fast moves have speculated whether SOL can expand its profit towards a $ 250 mark in the near period. Whether traders weigh that the rally is weighing that network fundamentals and derivatives are weighing the rally.
Despite failing to hold a $ 200 psychological border, Sol performed better from the comprehensive cryptocurrency market. The latest climb of $ 199 increased its market capitalization by $ 107 billion, yet less $ 117 billion than BNB. To determine whether “flipping” is realistic, it is necessary to examine both network fundamentals and derivatives.
In the last 30 days, the count of Solana increased by 48%, the signaling ochen activity accelerated which supports the price approach of Sol. In contrast, according to Nansen data, the BNB series transactions declined by 41% during the same period. Solana’s network fees also increased by 43%, showing that increased use is causing tangible economic benefits for token holders.
Sol futures show hungry hungry from bulls
To understand whether traders are getting optimistic after coming into contact with their highest levels in six months, always futures contracts are important. To balance leverage demand imbalance, the exchange charges either buyers (longs) or sellers (shorts). The level above 12% usually indicates a boom.
Currently at 12%, the Sol Peritual Futures Annual Funding rate is correct at the threshold between neutral and rapid spirit. Traders suspect, recalling that Sol had traded above $ 200, on 22 July, it lasted less than 24 hours. Investors are also not excited about versions on the decentralized exchanges (DEX) of Solana, which are in the fall.
According to Dafilama data, the dex activity on Solana increased to $ 20.6 billion in the third consecutive week. In the last 30 days, Solana was slightly below $ 116.2 billion of $ 113.7 billion atherium in dex volume, and this difference is not responsible for the layer -2 ecosystem of Ethereum, which added another $ 91.7 billion. For Sol holders, these figures are not particularly encouraging.
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The Rex-Ospre Solna Stacking Exchange-Trade-Trade Fund (ETF) launched in July deposited $ 161 million into the property under the management. In comparison, Etreum ETFS recorded an impressive $ 2.33 billion of $ 2.33 billion in the net flow since August 5, despite the fact that Etreum products have not yet received the US Securities and Exchange Commission approval for stake facilities.
While anything prevents Sol from reaching $ 250, the current onchain and derivative data traders show no clear catalyst or growth in enthusiasm. However, the absence of excessive leverage may support a more durable rally, although it will depend on the growing partnership with retail traders and institutional flows, which remain accidental on SEC approval for a regular solana ETF.
This article is for general information purposes and is not intention and should not be taken as legal or investment advice. The ideas, ideas and opinions expressed here are alone of the author and not necessarily reflected or represented the ideas and ideas of the components.
