### **Solana (SOL) Futures Open Interest Approaching ATH – Will Prices Follow?**
#### **📊 Key Data**
- **SOL futures Open Interest** reached **$5.75 billion** (third highest in the crypto market).
- **SOL Price**: $148.85 (had dropped 4%, but held at **support $140** for a week).
- **Total Value Locked (TVL)**: **$9.5 billion** (second largest after Ethereum).
#### **🚀 Potential Rally to $200**
✅ **High institutional interest** – Futures Open Interest rose 5% in a month.
✅ **Solana DEX volume excels** – **$21.6 billion** (higher than Ethereum + L2).
✅ **SOL spot ETF projection** – **90% chance of approval** on **October 10, 2024**.
#### **⚠️ Important Notes**
- **Negative funding rate** – More traders in short positions (bearish leverage).
- **Dependence on meme coins** – But Solana's DeFi ecosystem remains strong (examples: Meteora, Raydium).
### **📌 Conclusion**
- **SOL has the potential to rally to $200** before the ETF is approved, supported by on-chain activity & institutional demand.
- **Beware of short-term corrections** due to the dominance of short positions.
