Solana Futures Open Interest Nears All-Time High — Will SOL Price Follow? Solana has maintained the $140 support level for over a week, signaling traders’ increased confidence. The SOL futures open interest reached $5.75 billion on April 30, indicating significant institutional interest. With the surge in decentralized exchange (DEX) volumes and a total value locked (TVL) of $9.5 billion, SOL could potentially rally to $200 before a potential spot exchange-traded fund (ETF) approval on Oct. 10. Despite a 4% drop in SOL’s price between April 29 and April 30, traders are optimistic as the $140 support level held steady for a week, a milestone not seen in over two months. The increasing demand for leveraged SOL positions has sparked discussions about a potential rally above $200. SOL futures open interest rose to 40.5 million SOL on April 30, nearing its all-time high and amounting to $5.75 billion in positions, showcasing robust institutional interest. Data indicates a rise in demand for bearish leveraged SOL positions, with the funding rate for perpetual contracts being negative. Despite the ambitious $200 target for SOL, the network’s TVL of $9.5 billion highlights its strong fundamentals, including liquid staking, collateralized loans, and automated yield platforms. Solana’s decentralized applications have been top fee earners, with significant volumes recorded on DEXs. Solana has dominated DEX volumes, surpassing Ethereum’s layer-2 ecosystem, with $21.6 billion in activity in the past week. Positive metrics from the Solana network, such as a surge in Raydium and Meteora volumes, suggest a potential price increase despite flat demand for bullish leveraged positions. Additionally, the possible approval of a spot Solana ETF in the US by Oct. 10 could further boost SOL’s price, attracting new retail investors. Analysts speculate a 90% chance of approval for the ETF. This article provides insights for informational purposes only and should not be construed as legal or investment advice. The author’s opinions do not necessarily reflect those of Cointelegraph.