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- Solana rallied 12% in three days, bouncing from $190.85 to $213.
- Retail traders aggressively bought the dip, while futures markets lag.
- SEC’s ETF ruling on October 10 could decide if SOL breaks to new highs.
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Solana (SOL) has rebounded sharply, climbing from $190.85 to $213 in just three days. The 12% rally comes as traders position themselves ahead of the U.S. SEC’s final decision on a Solana ETF, expected by October 10. The move suggests that the recent dip was treated as a buying opportunity, with investors anticipating a potential breakout to new yearly highs.
Retail Investors Lead the Charge
Data from Binance shows that retail traders were quick to buy the dip during last week’s market sell-off. The True Retail Longs metric jumped from 54% to 78% at the height of the correction, highlighting strong conviction from smaller accounts. Orderbook data confirmed this trend, with bid-side volume outweighing sell orders, signaling an aggressive shift toward bullish positioning.
At the same time, Coinbase spot data indicates larger investors were also accumulating, hinting at a coordinated appetite for SOL across market tiers.
Futures and Open Interest Lag Behind
Despite the recent rally, Solana’s futures market has yet to reach the levels seen during its September run to $253. CME futures open interest currently sits at $1.72 billion, down from $2.12 billion on September 18. Similarly, aggregate open interest across exchanges remains below its $3.65 billion peak. For SOL to retest or surpass prior highs, a sustained rise in futures volume and open interest would strengthen the bullish case.
ETF Decision Could Be the Catalyst
The SEC’s ruling on the Solana ETF could act as a decisive catalyst for price action. U.S. trading sessions have recently turned positive, and if this momentum expands to Asia-Pacific and European markets, the rotation trade into SOL may accelerate. Traders appear intent on frontrunning the outcome, but much will depend on whether institutional flows catch up to retail enthusiasm.
Solana’s rebound reflects growing optimism ahead of a pivotal ETF decision. Retail traders have shown strong conviction, but futures and institutional participation need to rise for SOL to challenge its September highs. The next two weeks could prove critical in shaping Solana’s trajectory into year-end.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Solana TVL Hits $150B as SOL Battles $200 Level
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