Key takeaways:
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Ah, the world of finance! SOL futures open interest has risen by a staggering 12%, a clear sign of the insatiable appetite of institutional investors. Who knew they could be so hungry? 🍽️
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And lo! The odds of a spot Solana ETF approval have soared to a dizzying 91% on Polymarket. What a twist! 🎢
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Meanwhile, a bull flag is waving proudly on the weekly chart, with aspirations of reaching $335. A flag of hope, or perhaps a mere mirage? 🏳️
As of June 11, the price of Solana (SOL) has risen by 4.3%, now trading at $165. Yet, it remains a mere shadow of its former self, 43% below its all-time high of $294, achieved on that fateful day of January 19.
But fear not! Various fundamental, on-chain, and technical metrics whisper sweet nothings of a potential ascent toward new heights above $330. Can you hear them? 🎶
Solana open interest nears all-time highs
On this fateful day, SOL’s price growth was accompanied by a surge in leveraged positions, with the aggregate open interest (OI) for Solana futures reaching a staggering $7.54 billion, up 12% in just 24 hours. A 20% increase from the previous week! It seems the market is alive with the sound of money! 💰
This reflects a robust adoption of SOL derivatives, suggesting a rising institutional interest, but beware! With great power comes great responsibility—or in this case, potential risks. ⚠️
Despite the looming specter of forced liquidations should the price correct, the data from derivatives hints at further upside potential. A paradox, indeed!
Rising TVL and number of active Solana addresses
In April, Solana’s primary decentralized application metric began to show signs of life. The network’s total value locked (TVL) has risen to its highest level since June 2022, now standing at 56.8 million SOL, worth approximately $9.1 billion. A veritable treasure trove! 🏴☠️
Yet, one must ponder: what other factors contribute to Solana’s burgeoning value and TVL? To truly understand, investors must scrutinize the number of active addresses within this bustling ecosystem.
In a remarkable turn of events, the number of Solana network addresses interacting with decentralized applications has surged by 38.5% over the last 24 hours, now totaling 2.7 million. The top 5 DApps are thriving, with unique active wallets (UAWs) soaring by 77%-300%. What a spectacle! 🎉
This suggests a burgeoning interest in the layer-1 ecosystem, raising the demand for SOL. Can you feel the excitement? 🌟
Solana ETF approval odds jump to 91%
In a twist worthy of a grand novel, the likelihood of the US Securities and Exchange Commission (SEC) approving a spot Solana exchange-traded fund (ETF) in 2025 has leapt to 91% as of June 11, according to Polymarket data. What a plot twist! 📈
Multiple applications for a spot Solana ETF from asset management titans like VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital signal a robust demand for regulated SOL investment vehicles. The market is abuzz! 🐝
Bloomberg’s senior ETF analyst, Eric Balchunas, has proclaimed that the SEC could “act early” on Solana and staking ETF filings, placing the approval odds at a tantalizing 90%. What a rollercoaster ride! 🎢
“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way.”
Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs.
— Eric Balchunas (@EricBalchunas) June 10, 2025
Should these funds gain approval, they could unleash a torrent of institutional capital, amplifying demand for SOL and potentially driving prices to dizzying heights, with some analysts daring to predict targets as high as $1,300. Can you imagine? 💭
SOL price bull-flag hints at $335
In a dramatic flourish, SOL price has formed a bull flag chart pattern on the weekly chart, as depicted below. A bull flag, a symbol of hope, emerges after the price consolidates within a down-sloping range following a sharp rise. Will it soar? 🦅
Typically, bull flags resolve after the price breaks above the upper trendline, rising by as much as the previous uptrend’s height. This places the upper target for SOL price at $335, a staggering 103% increase from the current price. Can you feel the tension? 😬
The weekly RSI is moving above the midline, having increased to 51 this week from 36 on March 31, indicating a growing bullish momentum. The winds of change are blowing! 🌬️
CryptoMoon has reported that the SOL/USD pair must first flip the resistance at $190 into new support to ensure a sustained recovery. A challenge, indeed!
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2025-06-11 16:06