SOL futures open interest is up 12%, signaling strong institutional interest.

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Solana (SOL) price saw a 4.3% rise in the last 24 hours to reach $165 on Wednesday. While this is still 43% below its all-time high of $294, several fundamental, onchain and technical metrics suggest that SOL could continue its ascent toward new all-time highs above $330.

Solana open interest nears all-time highs

Accompanying the recent SOL price increase was an uptick in leveraged positions, with the aggregate open interest (OI) for Solana futures reaching $7.54 billion, up 12% in the last 24 hours. This is a 20% increase from the previous week and sits just 12% below the peak of $8.57 billion, which was reached on January 19.

This reflects a strong adoption of SOL derivatives, suggesting rising interest from institutions but also introducing potential risks.

Despite the higher risk of forced liquidations in the event of an SOL price correction, derivatives data points to further upside potential.

Rising TVL and number of active Solana addresses

Solana’s primary decentralized application metric started to display strength in April. The network’s total value locked (TVL), which measures the amount deposited in its smart contracts, rose to its highest level since June 2022 at 56.8 million SOL, which is about $9.1 billion.

There are other factors that influence Solana’s increase in value and TVL. To confirm whether DApp use has effectively increased, investors should also analyze the number of active addresses within the ecosystem.

The number of Solana network addresses interacting with decentralized applications jumped by 38.5% over the last 24 hours to 2.7 million. Positive performance is seen among the top five DApps, with their unique active wallets (UAWs) rising by 77%-300% as shown in the chart below.

This suggests increased interest in the layer-1 ecosystem, lifting demand for SOL.

Solana ETF approval odds jump to 91%

The likelihood of the U.S. Securities and Exchange Commission (SEC) approving a spot Solana exchange-traded fund (ETF) in 2025 jumped to 91% on Wednesday, according to Polymarket data.

Multiple spot Solana ETF applications from asset management giants like VanEck, Grayscale, 21Shares, Bitwise and Canary Capital signal robust demand for regulated SOL investment vehicles.

Related: Société Générale launches US dollar stablecoin on Ethereum and Solana

Bloomberg senior ETF analyst Eric Balchunas said the SEC could “act early” on Solana and staking ETF filings, placing the approval odds at 90%.

Solana futures open interest is up 12%, signaling strong institutional interest.

Spot Solana ETF approval odds have risen to 91% on Polymarket.

A SOL price bull flag is in play on the weekly chart, targeting $335.

Solana (SOL) price saw a 4.3% rise over the last 24 hours to reach $165 on Wednesday. While this is still 43% below its all-time high of $294, several fundamental, onchain and technical metrics suggest that SOL could continue its ascent toward new all-time highs above $330.

Solana open interest nears all-time highs

Accompanying the recent SOL price increase was an uptick in leveraged positions, with the aggregate open interest (OI) for Solana futures reaching $7.54 billion, up 12% in the last 24 hours. This is a 20% increase from the previous week and sits just 12% below the peak of $8.57 billion, which was reached on January 19.

This reflects a strong adoption of SOL derivatives, suggesting rising interest from institutions but also introducing potential risks.

Despite the higher risk of forced liquidations in the event of an SOL price correction, derivatives data points to further upside potential.

Rising TVL and number of active Solana addresses

Solana’s primary decentralized application metric started to display strength in April. The network’s total value locked (TVL), which measures the amount deposited in its smart contracts, rose to its highest level since June 2022 at 56.8 million SOL, which is about $9.1 billion.

There are other factors that influence Solana’s increase in value and TVL. To confirm whether DApp use has effectively increased, investors should also analyze the number of active addresses within the ecosystem.

The number of Solana network addresses interacting with decentralized applications jumped by 38.5% over the last 24 hours to 2.7 million. Positive performance is seen among the top five DApps, with their unique active wallets (UAWs)