Key Takeaways:
-
Solana ETF and ETP recorded $ 706 million in weekly flow, exceeding $ 219 million of XRP, per coinshares.
-
SOL funding rates remained at the under 6% neutral level, the signing reduced appetite for leveraged bullish positions among entrepreneurs.
Solana’s native token, Sol (Sol), climbed back to $ 229 on Tuesday after a short sink to $ 218. The move arrived as investors positively responded to the release of the US Federal Reserve of minutes from the meeting this Sept. 17, re -confirmed the expectations of additional interest rate cuts in 2025.
Entrepreneurs remain optimistic that Sol can move forward to the $ 300 mark, a target that appears to be realistic to have a strong bullish feelings that can be seen on the scale of derivatives and onchain data.
Solana has recorded a 22% increase in seven-day network fees, driven by increasing activity throughout the decentralized exchange (DEX). Meanwhile, its main rival by deposits, Ethereum, has seen the opposite trend, with a network income falling 21% at the same time. Solana continues to dominate the number of transactions, exceeding the joint sum of Ethereum and its Layer-2 ecosystem.
DEX volumes in the pump rose 78% over the past seven days, followed by a 73% increase in Meteora and a 46% increase in Raydium. Solana recovered its leading position in decentralized exchange activity, posting $ 129 billion in 30-day volume and exceeding Ethereum’s $ 114 billion, according to Defillama data. Interestingly, the fastest growing rival, Hyperliquid, stopped around $ 31 billion.
The increase in Solana’s network activity
Network fees remain a key element for any blockchain focused on decentralized applications, especially if the income helps offset inflationary pressure. Unless the system is centralized, maintenance Validators are worth the costsAnd staking participants expect a reasonable return. In short, the network’s activity that holds the native token is weak and can control pressure.
The total amount of Solana locked (TVL) increased by 8% to 30 days, supporting further growth in network fees. Standout’s performers include a 20% increase in kamino deposits, 12% of the Drift, and 12% at OrCA. By comparison, Ethereum TVL rose 3% at the same time, while Tron deposits grew 6%. As a result, Solana reinforced its position as the second largest network, with $ 14.2 billion on TVL, which represents an 8% part of the market.
The rapid progress in activity in eternal futures Trading aster trading platform has redirected the focus of entrepreneurs to the BNB chain, following a wave of memecoins that climbed 150% or more for seven days. As a result, although Sol’s price rose 3% at the same time, the amazing -wonderful 28% BNB rally weighted sentimental to investors in Solana ecosystems.
Increased flow to Sol ETPS signal that increases institutional demand
Data from Sol Perpetual Futures gives insight into whether entrepreneurs lost confidence after the failed attempt to break above $ 250 on September 18. Many SOL holders are likely to fail, especially since some rival tokens have reached recently in new hours, including BNB at $ 1,357 on Tuesday and Mantle (Mnt) at $ 2.81 on Wednesday.
SOL funding rate of eternal futures remained under a 6% neutral threshold, which signed a weak demand for bullish leveraged positions. This careful stance on merchants may be slightly attributed to the growing traction of competing blockchains, which draws attention to Solana despite the weekly flow of the products it exchanged.
Coinshares reported That Solana ETF and ETP attract $ 706 million in the seven days ending on September 5, which exceeds the $ 219 million recorded by XRP instruments. Investors now expect to be approved by the US Securities and Exchange Commission Multiple places solana etf On Friday, it was a development that could drive additional institutional flow and potential to push Sol’s price beyond $ 300.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
