Solana futures open interest contracts approach historical highs, traders re evaluate possibility of breaking through $200

On May 1st, according to Cointelegraph, Solana has held the $140 support level for a week, marking the first time in nearly two months, indicating that market sentiment is improving. The demand for SOL leveraged positions is approaching its historical peak, and traders are reassessing the possibility of SOL breaking through $200. The open interest contracts of SOL futures reached 40.5 million SOLs, approximately 5.75 billion US dollars, an increase of 5% compared to the previous month, approaching a historical high. The demand for SOL derivatives ranks third in the cryptocurrency market in US dollar terms, more than 50% higher than XRP derivatives, and institutional participation is increasing. But the perpetual contract funding rate is currently negative, indicating that short leverage demand is dominant. After the failure of SOL's attempt to break through $156 on April 25th, optimism has subsided, and the insufficient demand for bullish leverage may be partly due to SOL's cumulative increase of 43% in the three weeks from April 8th to 29th. Solana's on chain TVL is currently reported at $9.5 billion, covering liquidity pledging, collateralized lending, automated revenue platforms, and synthetic derivatives. Among the top DApps, Meteora's weekly revenue was $19.1 million, followed closely by Pump.fun ($18.6 million) and Juto ($14.6 million). Since April 14th, the weekly trading volume of DEX on Solana's chain has reached 21.6 billion US dollars, exceeding the total of the Ethereum L2 ecosystem. The final approval deadline for the Solana spot ETF in the United States is October 10th. Analysts predict a 90% probability of approval, and improvements in on chain indicators may simultaneously drive SOL to break through $200 before the ETF is approved.