At the end of June, the trading volume of SOL futures listed by CME suddenly skyrocketed, with daily transactions surpassing 1.75 million contracts, setting a new historical record. Since the launch of SOL futures (in mid-March), it has been on a continuous rise, clearly indicating that it is not retail investors playing but professional institutions genuinely making layouts.
At the same time, the trading volume soared in July, quickly jumping from about $2.2 billion in June to $8.1 billion, with open interest also surging by 370% to a peak of about $500 million, indicating that everyone is not only trading but also holding positions for profit (then falling back to about $460 million at the end of the month) — but the trend has been set.
At this point, the spot price of SOL is also impressive: starting from the support level of $133, it surged to around $145, even reaching $146. The increase in just one day was nearly 7-8%, with the technical aspects also indicating that 'this is clearly driven by the main forces.' Some analysts pointed out that this rebound follows a classic three-wave correction structure, and if it continues to maintain key support, it is expected to develop a complete five-wave upward trend.
A broader picture: What are the underlying drivers?
Release of institutional confidence.
CME is one of the world's top and reputable exchanges, and the design of its contracts attracts players like hedge funds and asset management institutions. The skyrocketing trading volume indicates they have truly entered the market.
ETF expectations intensify activity.
At the beginning of July, the market had expectations for Solana-related ETFs (especially the staking version), and some analysts believe this directly stimulated the activity of futures trading on CME. Many funds might be rushing to position themselves.
Market volatility greatly boosts trading volume.
CME mentioned in its quarterly financial report that due to significant macro policies and market volatility, their Q2 trading volume was overall high, and profits also saw a substantial increase. This includes interest rate products and crypto products, with SOL being just one highlight.
Review of the current status of the SOL project & highlights of the white paper.
Since the mainnet launch in 2020, Solana has been known for its Proof-of-History (PoH), parallel smart contracts, pipeline processing, and high-speed transmission network technologies. The official white paper (available on the official GitHub) details technologies like Gulf Stream for fast transactions, Sealevel for parallel execution, Turbine for block propagation, and Pipeline for processing. The overall design goal is to achieve thousands or even hundreds of thousands of transactions per second, with fees low enough for regular use, making it very suitable for high-frequency scenarios like DeFi, NFTs, and Web3 payments.
My observation with a bit of genuine tone.
This volatility in SOL is not driven by retail speculation but is a release of institutional confidence.
Trading volume and prices are rising in sync, not a one-time explosion, but a sustained rhythm over several weeks, so it feels more like an active layout rather than chasing after rising prices.
The technical side also suggests that for the price to maintain above the key range of $130–140, it could continue to rise further. However, technical indicators like MACD have not fully turned bullish, and CRSI shows some overbought warnings. A breakout does not guarantee stability, and there is always the possibility of a pullback.
On the ecological level, USDC transfers on Solana have significantly increased, with on-chain activities leading other main chains for several months. DEX trading volume, lending TVL, and bridged assets are all actively upgrading, which almost indicates that 'the heat is not just empty shouting.'
In summary (in a genuine style, not exaggerated).
The trading volume of SOL futures on CME broke through 1.75 million contracts overnight, with consecutive monthly level innovations: $2.2 billion turning into $8.1 billion, and open interest rising several times. I think this signals the formal opening of institutional confidence. Solana's hardcore underlying technology combined with an active ecosystem is indeed not just empty talk from bears. However, the technical side is not all green lights; a reminder: don't chase highs and understand risks. Even if this wave moves upward, short-term fluctuations may still occur. We need to wait a moment to judge the structural completeness before deciding to follow the rhythm.#加密市场反弹
