Solana (SOL) is facing headwinds, with its bullish momentum faltering despite a 10% gain between Monday and Thursday. The cryptocurrency has struggled to maintain its upward trajectory, particularly after repeatedly testing the $180 level in May. This information is from Cointelegraph and was published on June 10, 2025.
On Wednesday, SOL futures open interest hit 46.2 million, the highest in over two years, marking a 22% increase from the previous month. This surge in activity suggests increased participation from institutional investors. Open futures positions for SOL are valued at $7.4 billion, attracting significant attention from market participants.
Despite these developments, SOL's current price of $155 is significantly below its all-time high of $294. The total crypto market capitalization is only 12% below its record. Decentralized exchange (DEX) activity on Solana has decreased to $10.5 billion per week, down from $29.2 billion a month earlier.
BNB Chain is directly competing with Solana by offering low fees and integrated tools for token launches. The funding rate for SOL has fluctuated between neutral and slightly bearish levels, moving away from the negative 7% seen on Saturday. SOL futures have failed to stay above the 15% annualized funding threshold over the last 30 days, indicating a lack of strong bullish sentiment.
Speculation about a potential spot exchange-traded fund (ETF) for SOL in the United States remains a significant short-term price catalyst. Bloomberg analysts predict the US Securities and Exchange Commission will approve ETFs for Litecoin (LTC), SOL, and XRP by the end of the year. However, there's no clear indication that SOL is on track to reach $200, especially given the neutral funding rates in perpetual futures.