Solana's SOL cryptocurrency has faced challenges despite a surge in futures open interest. The bullish momentum of SOL has been dampened by rising competition from other blockchains and neutral funding rates. Although SOL gained 10% earlier in the week, it struggled to maintain this momentum, testing the $180 level multiple times in May. Institutional interest in leveraged positions could potentially push SOL past $200. However, the current price of $155 is far below its all-time high of $294. Decentralized exchange activity on Solana has decreased significantly, with BNB Chain emerging as a strong competitor. The future of SOL remains uncertain, with funding rates fluctuating between neutral and slightly bearish levels. The approval of a spot ETF for SOL in the US could be a significant catalyst for its price. Overall, SOL faces challenges from competition and market dynamics, impacting investor expectations and sentiment. Read more AI-generated news on: https://app.chaingpt.org/news

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