隨著機構投資者表明利息的日益增長，Sol Futures Open Ispres to 2年高點

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.

* SOL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的資金率不斷上升的競爭繼續抑制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 encountered resistance in breaking 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，但加密貨幣仍在打破180美元的水平方面遇到了抵抗，但是交易者對槓桿職位的興趣日益增加可能為邁向200美元及以後的途徑鋪平道路。

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. Naturally, every SOL bought by an optimist is sold by another trader with a bearish outlook, but the surge in activity 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％。自然，樂觀主義者購買的每一個SOL都是由另一個帶有看跌前景的交易員出售的，但是活動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 out new opportunities. This liquidity spawns arbitrage strategies, 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 supports these trades.

Sol擁有74億美元的開放期貨職位，引起了尋找新機會的成熟市場參與者的極大關注。這種流動性催生了套利策略，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支持這些交易。

Despite these developments, many SOL investors are likely to be disappointed as the coin is currently trading at $155, a level that remains substantially lower than the $294 all-time high. In comparison, the total crypto market cap is just 12% below its record peak. Furthermore, the sharp decline in Solana network activity has prompted investors to lower their expectations for future SOL gains, rendering a return to $200 less probable.

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，這一水平仍然低於294美元的歷史最高水平。相比之下，加密貨幣市值比其創紀錄的峰值僅12％。此外，Solana網絡活動的急劇下降促使投資者降低了對未來SOL收益的期望，從而減少了200美元的可能性。

Decentralized exchange (DEX) activity on Solana dropped to $10.5 billion per week, down from $29.2 billion over the past 30 days. More significantly, the 50% DEX market share peak attained in early January failed to sustain itself, especially as trading volumes surged on BNB Chain and Hyperliquid emerged as the clear leader in perpetual futures.

Solana的分散交易所（DEX）活動降至每週105億美元，低於過去30天的292億美元。更重要的是，1月初達到的50％DEX市場份額無法維持自己，尤其是當交易量飆昇在BNB鏈上，並且超級流動性成為永久未來的明顯領導者。

Unlike the Ethereum ecosystem, which is known for more friction due to its reliance on layer-2 scaling solutions, BNB Chain competes directly with Solana in offering low fees and integrates the necessary tools for launching new tokens. Its seamless connection with the Binance exchange provides BNB Chain with an edge in terms of the user experience.

與以太坊生態系統不同，該系統因依賴2層擴展解決方案而以更多的摩擦而聞名，BNB鏈直接與Solana競爭了Solana，以提供低費用，並整合了啟動新代幣的必要工具。它與Binance Exchange的無縫連接為用戶體驗提供了優勢的BNB鏈。

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 the increasing competition, it’s helpful to examine the 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.

為了衡量交易者是否由於其最近的價格表現不佳和競爭日益增加而變得偏視SOL，研究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. Crucially, SOL futures have 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。至關重要的是，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 around the approval of a spot exchange-traded fund (ETF) for SOL in the United States by the Securities and Exchange Commission is the most significant factor that could influence the cryptocurrency’s price movements in the short term. Bloomberg analysts are optimistic that the SEC will greenlight ETFs for Litecoin (LTC), SOL, and XRP by the end of the year.

美國證券交易委員會在美國批准SOL的批准索爾（ETF）的猜測是最重要的因素，可能會在短期內影響加密貨幣的價格變動。彭博分析師對SEC將在今年年底之前為Litecoin（LTC），SOL和XRP綠燈ETF感到樂觀。

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

目前，沒有明確的跡象表明SOL可以達到200美元，尤其是考慮到永久期貨中觀察到的中性資金率。此外，分散應用程序之間不斷升級的競爭可能在削弱投資者對SOL的巨大收益的期望中發揮了作用。

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

本文是出於一般信息目的，不打算被視為法律或投資建議。這裡表達的觀點，思想和觀點是作者獨自一人，不一定反映或代表Cointelegraph的觀點和觀點。