Solana on-chain and derivatives data highlights the limitations of SOL’s potential price breakout
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by Solana saw two positive developments this week with the launch of the Saga Android-based smartphone powered by the Solana blockchain and the retail trading debut of Grayscale Solana Trust shares.
The developments, along with
The Solana ecosystem’s growth in NFT trading volumes has been impressive, but it has declined since February 2023, and the smart money activity has compressed significantly.
The rise in open interest volumes for SOL futures and funding rates for perpetual swap contracts may suggest that derivatives volumes are driving the latest uptrend. Overall, while Solana has had positive developments, it remains to be seen how the ecosystem will sustain the price growth.
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