SOL Token Surges 2.78% as Futures Volume Hits $8.1B and Institutional Interest Grows

Solana (SOLUSDT) has experienced a 2.78% price increase over the past 24 hours, rising from a 24h open of $163.12 to a current price of $167.66 on Binance. This upward movement is primarily attributed to several positive developments: DeFi Development Corp.'s acquisition of 110,466 SOL, CME's report of a 252% month-over-month surge in Solana futures trading volume to $8.1 billion, and a 203% increase in open interest to $400.9 million, both reaching all-time highs. Additional contributing factors include the launch of Solana's 'Seeker' mobile device in over 50 countries, positive funding rates indicating a shift in trader sentiment, and institutional interest highlighted by 21Shares' revised Solana spot ETF filing and Phoenix Group's treasury allocation. The market has also responded to technical support at the 200-day EMA, which has helped stabilize and rebound the price.

Currently, Solana is trading at $167.66 with a 24-hour trading volume between $3.98 billion and $5.19 billion, and a market capitalization ranging from $89.61 billion to $91.89 billion, maintaining its position as the sixth-largest cryptocurrency by market cap.