🚨 ¡$SOL ON THE EDGE! 😱 OPEN INTEREST IN FUTURES SOARS TO $7.4 BILLION, BUT THE PATH TO $200 IS UNCERTAIN! 🤯📉

📢 Open interest in futures of #solana (SOL) has reached an impressive 2-year high, surpassing $7.4 billion! 🚀 This reflects a growing institutional interest and the entry of "sophisticated participants" into the market. However, despite this surge in futures activity, the path of #SOL towards $200 and beyond seems uncertain.

Despite having gained 10% recently, Solana has failed to maintain its bullish momentum, remaining below its all-time high of $294, while the total market capitalization of crypto is just 12% below its record. The main concern is the sharp decline in Solana's network activity, with weekly DEX volumes plummeting from $29.2 billion to $10.5 billion in just 30 days. Direct competition from BNB Chain, which offers low fees and a seamless connection with Binance, is impacting Solana. Additionally, the funding rate of SOL remains neutral, indicating a lack of strong bullish sentiment, and futures have failed to surpass the annualized funding threshold of 15% in the last month.

🤔 Do you think speculation surrounding a possible spot ETF for SOL in the U.S. is the only lifeline to drive Solana's price towards $200 and revitalize its ecosystem?

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