2025-9-9 18:18 |
Solana SOL $213.1 24h volatility: 0.8% Market cap: $115.39 B Vol. 24h: $9.67 B is exhibiting a strong price performance, including a surge in perpetual open interest that has now gone above $7 billion.
The Solana price has extended beyond $200, suggesting that market participation is expanding. The focus is now on the next price target for SOL.
Solana Ecosystem Records Surge in Market ParticipationSolana currently has the attention of the broader cryptocurrency market as its perpetual futures open interest surged past the $7 billion mark. This shows that there is a notable influx of capital from both retail and institutional players.
To substantiate this report, Glassnode shared a chart illustrating Solana’s open interest growth from late 2024 to the present. It is quite noticeable that there has been a significant uptick in the last few months.
Solana continues to outperform, with perp open interest climbing above $7B as price extends beyond $200. Market participation is clearly expanding.
Chart Link: https://t.co/Y22U0vAkmf pic.twitter.com/sv7PBryF8o
— glassnode (@glassnode) September 9, 2025
Between October 2024 and September 2025, there has been a volatile yet upward-trending path, intercepted by certain periods of consolidation and sharp rallies.
Open interest is a key indicator of market participation and liquidity in futures markets. It provides insight into the total number of outstanding contracts that are yet to be settled.
This milestone coincides with the SOL price rally to $218. After initially failing to break past $210, SOL managed to push higher and is now trading at $218.04 with a 1.94% increase over the past 24 hours.
Its market capitalization and 24-hour trading volume are $118.02 billion and $9.21 billion, respectively.
This push past the $200 barrier signals a robust bullish rebound that has led market participants to react.
The next resistance level to look out for may be $220, but it is worth noting that once this barrier is broken, SOL price can secure more price gains.
Meanwhile, the Solana ecosystem experienced a major setback a while ago. ZachXBT reported that Aqua, a Solana trading platform, allegedly carried out a rug pull.
The unfortunate situation led to the siphoning of 21,770 SOL, which is worth around $4.65 million. The incident happened after it secured endorsements from major ecosystem partners and recently passed security audits.
Judging by the current outlook of the market, it is quite clear that the news has not impacted negatively on Solana’s market structure.
The ecosystem is likely to see more positive momentum in the coming days, especially as the odds for Solana Exchange Traded Fund (ETF) approval reach a new high.
Polymarket noted that the odds for the fund’s approval have surged to a massive 99%.
WEPE Crypto Debuts on Solana BlockchainAmid this wave of momentum, Solana has also become home to Wall Street Pepe (WEPE). Originally launched on Ethereum ETH $4 287 24h volatility: 1.9% Market cap: $518.04 B Vol. 24h: $30.53 B , this wild Pepe-themed cryptocurrency has now expanded into the Solana ecosystem, doubling its reach and fueling even more hype.
The project has stunned the broader crypto industry with the insane traction it is pulling in, recently burning over 3 billion tokens on Ethereum in a jaw-dropping move. This fiery burn mechanism is just one of the perks that has traders buzzing and calling it a must-have altcoin for every portfolio.
What makes it even more exciting is the powerhouse community behind it. Known for sharp trading insights and market analysis, Wall Street Pepe’s army of traders is growing by the day. Together, they thrive on a high-energy meme coin project that takes on the manipulative whales of crypto and flips the script in style.
Interested in becoming part of the WEPE family? Check out our guide on how to buy WEPE.
nextThe post Solana Open Interest Tops $7 Billion Amid Bullish Rebound, What’s Next for SOL Price? appeared first on Coinspeaker.
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