隨著機構利益的增長

在周一至週四，索拉納（Solana）的索爾（Sol）（SOL）在獲得10％的收益後，未能保持其看漲勢頭。加密貨幣在5月幾次測試$ 180的水平後顯示出弱點

Key takeaways:

關鍵要點：

SOL’s futures open interest surged to a 2-year high, reflecting growing institutional interest.

索爾的未來開放利息飆升至2年，反映了機構的不斷增長。

Rising competition from other blockchains and neutral funding rates continue to dampen SOL’s bullish momentum.

來自其他區塊鍊和中立資金率的競爭不斷上升，繼續抑制Sol的看漲勢頭。

Solana’s SOL (SOL) failed to sustain its bullish momentum after gaining 10% between Monday and Thursday. The cryptocurrency has struggled to break through the $180 level despite several attempts throughout May, but traders’ increasing interest in leveraged positions could pave the way for a move toward $200 and beyond.

在周一至週四，索拉納（Solana）的索爾（Sol）（SOL）未能維持其看漲勢頭。儘管整個5月嘗試了幾次嘗試，但加密貨幣仍在努力突破180美元的水平，但是交易者對槓桿頭寸的興趣日益增加可能為邁向200美元及以後的邁出。

On Wednesday, total open interest on SOL futures reached 46.2 million SOL, the highest in over two years and a 22% increase from the previous month. As every SOL bought by an optimist is sold by a pessimist, the surge in volume signals heightened participation from institutional investors.

週三，Sol Futures的總開放利息達到了4620萬輛，這是兩年來最高的，比上個月增長了22％。由於樂觀主義者購買的每個SOL都是由悲觀主義者出售的，因此數量信號的激增增加了機構投資者的參與。

With $7.4 billion in open futures positions, SOL is attracting significant attention from sophisticated market participants, who are seeking new opportunities. This liquidity spawns arbitrage trades, like the “carry trade,” where investors buy SOL in the spot market and simultaneously sell the futures contract. A liquid and actively traded derivatives market is essential to support these types of trades.

Sol擁有74億美元的開放期貨職位，引起了尋求新機會的成熟市場參與者的極大關注。這種流動性產生了套利交易，例如“攜帶貿易”，投資者在現貨市場上購買SOL並同時出售期貨合約。液體和積極交易的衍生品市場對於支持這類交易至關重要。

Despite these developments, many SOL investors are likely to be disappointed as the coin is currently trading at $155, which is still a significant distance from its all-time high of $294. In comparison, the total crypto market cap is only 12% below its record level.

儘管有這些發展，但由於硬幣目前的交易價格為155美元，許多SOL投資者可能會感到失望，這與其歷史最高高點294美元仍然很遠。相比之下，總加密貨幣市值僅比其記錄水平低12％。

After a substantial drop in Solana network activity, investors may have reduced their expectations for future SOL gains, rendering a return to $200 less likely. Decentralized exchange (DEX) activity on Solana dropped to $10.5 billion per week, down from $29.2 billion just 30 days earlier. More crucially, the 50% DEX market share peak in early January failed to sustain, especially as trading volumes increased on BNB Chain and Hyperliquid became the clear leader in perpetual futures.

在Solana網絡活動大幅下降之後，投資者可能會降低對未來SOL收益的期望，從而使回報率降低了200美元。 Solana的分散交流（DEX）活動降至每週105億美元，低於僅30天前的292億美元。更重要的是，1月初，50％的DEX市場份額達到了50％的份額，尤其是隨著BNB鍊和超流動性的交易量增加，成為永久未來的明顯領導者。

Unlike the Ethereum ecosystem, which is used through layer-2 scaling solutions that create more friction, BNB Chain competes directly with Solana by offering low fees and integrated tools for token launches. Its seamless connection with the Binance exchange also grants BNB Chain a superior user experience.

與以太坊生態系統（通過2層縮放解決方案）使用的以太坊生態系統不同，BNB鏈通過提供低費用和用於代幣發射的集成工具而直接與Solana競爭。它與Binance Exchange的無縫連接也使BNB連鎖店成為了卓越的用戶體驗。

SOL funding neutral as competition dampens investor confidence

隨著競爭削弱投資者的信心，中立資金中立

To gauge whether traders are becoming bearish on SOL due to its recent price underperformance and increasing competition, it’s helpful to examine perpetual futures funding rates. In a neutral market, funding should range from 5% to 15% annually, indicating that buyers (longs) are paying a premium to maintain their positions.

為了衡量交易者最近的價格不佳和競爭不斷提高，交易者是否正在對SOL造成看漲，檢查永久期貨融資率很有幫助。在中立的市場中，資金應每年從5％到15％不等，這表明買家（渴望）正在支付溢價以維持其頭寸。

The funding rate for SOL has been fluctuating between neutral and slightly bearish levels, quickly recovering from the -7% reached on Saturday. More crucially, SOL futures failed to sustain above the 15% annualized funding threshold over the past 30 days, signaling a lack of strong bullish sentiment.

SOL的資金率在中性和略微看跌水平之間波動，從周六達到的-7％迅速恢復。更重要的是，在過去30天內，Sol Futures未能維持超過15％的年度資金閾值，這表明缺乏強烈的看漲情緒。

Speculation about a potential spot exchange-traded fund (ETF) for SOL in the United States remains the most significant short-term price catalyst. Bloomberg analysts are optimistic that the US Securities and Exchange Commission will approve ETFs for Litecoin (LTC), SOL, and XRP by the year’s end.

關於美國SOL的潛在現貨交換基金（ETF）的猜測仍然是最重要的短期價格催化劑。彭博社分析師樂觀地認為，美國證券交易委員會將在年底之前批准萊特幣（LTC），SOL和XRP的ETF。

At present, there is no clear indication that SOL is on track to reach $200, especially considering the neutral funding rates on perpetual futures. Additionally, the increased competition among decentralized applications has likely played a role in diminishing investor expectations for SOL.

目前，尚無明確的跡象表明SOL可以達到200美元，尤其是考慮到永久未來的中性資金率。此外，分散應用程序之間增加的競爭可能在減少投資者對SOL的期望方面發揮了作用。