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Driven by the optimistic sentiment surrounding the launch of the Solana ETF futures by Volatility Shares on Thursday, the price of Solana has surged 6% in the past 24 hours, reaching $135. As a result, traders have flocked in, with the daily trading volume of SOL soaring 61% to over $3.57 billion.
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Does Solana's price trend attract traders' interest, and has it reached the bottom?
Today, Solana's price trend is accompanied by traders' strong interest in Altcoins. Renowned cryptocurrency analyst Ali Martinez points out that Solana's open interest in futures has soared to $2.7 billion, reaching the highest level since October 2024. This indicates that the interest in the Solana derivatives market has been reignited, and both investors and traders are becoming more engaged.
After reaching a high of around $270 in November 2024, Solana's price has retraced more than 50% from its peak over the past four months. However, market analysts believe that SOL is showing signs of bottoming out and may start to reverse its trend from here.
As shown in the chart below, Solana's price has broken out of a converging triangle pattern. Therefore, the immediate upside target could be in the range of $150 to $180. Once the bulls successfully breach this range, we could see another round of rally, reaching 260% or even higher.
At the FOMC meeting on Tuesday, the Federal Reserve kept the interest rate unchanged at 4.5%, which was the expected level. Bitcoin and the broader cryptocurrency market view this as a positive indicator, and investors are showing strong momentum. Analysts' current forecasts for the SOL price suggest that the bullish sentiment is rising again, as hopes for the Altcoin market recovery.
Solana ETF Launched Today
Florida-based investment giant Volatility Shares will bring the first Solana futures ETF to the US market, a significant development for the crypto community. This marks a stepping stone towards the future introduction of spot ETF products. This follows the same trajectory as the introduction of spot Bitcoin ETFs and spot Solana ETFs to the market.
Volatility Shares LLC will launch two Solana futures ETFs, with the tickers SOLZ and SOLT. The standard Solana ETF (SOLZ) will directly track Solana futures, while the leveraged Solana ETF (SOLT) will provide investors with double the exposure to Solana's price movements.
