随着机构利益的增长

在周一至周四，索拉纳（Solana）的索尔（Sol）（SOL）在获得10％的收益后，未能保持其看涨势头。加密货币在5月几次测试$ 180的水平后显示出弱点

Key takeaways:

关键要点：

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

索尔的未来开放利息飙升至2年，反映了机构的不断增长。

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

来自其他区块链和中立资金率的竞争不断上升，继续抑制Sol的看涨势头。

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.

在周一至周四，索拉纳（Solana）的索尔（Sol）（SOL）未能维持其看涨势头。尽管整个5月尝试了几次尝试，但加密货币仍在努力突破180美元的水平，但是交易者对杠杆头寸的兴趣日益增加可能为迈向200美元及以后的迈出。

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.

周三，Sol Futures的总开放利息达到了4620万辆，这是两年来最高的，比上个月增长了22％。由于乐观主义者购买的每个SOL都是由悲观主义者出售的，因此数量信号的激增增加了机构投资者的参与。

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拥有74亿美元的开放期货职位，引起了寻求新机会的成熟市场参与者的极大关注。这种流动性产生了套利交易，例如“携带贸易”，投资者在现货市场上购买SOL并同时出售期货合约。液体和积极交易的衍生品市场对于支持这类交易至关重要。

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.

尽管有这些发展，但由于硬币目前的交易价格为155美元，许多SOL投资者可能会感到失望，这与其历史最高高点294美元仍然很远。相比之下，总加密货币市值仅比其记录水平低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网络活动大幅下降之后，投资者可能会降低对未来SOL收益的期望，从而使回报率降低了200美元。 Solana的分散交流（DEX）活动降至每周105亿美元，低于仅30天前的292亿美元。更重要的是，1月初，50％的DEX市场份额达到了50％的份额，尤其是随着BNB链和超流动性的交易量增加，成为永久未来的明显领导者。

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.

与以太坊生态系统（通过2层缩放解决方案）使用的以太坊生态系统不同，BNB链通过提供低费用和用于代币发射的集成工具而直接与Solana竞争。它与Binance Exchange的无缝连接也使BNB连锁店成为了卓越的用户体验。

SOL funding neutral as competition dampens investor confidence

随着竞争削弱投资者的信心，中立资金中立

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.

为了衡量交易者最近的价格不佳和竞争不断提高，交易者是否正在对SOL造成看涨，检查永久期货融资率很有帮助。在中立的市场中，资金应每年从5％到15％不等，这表明买家（渴望）正在支付溢价以维持其头寸。

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的资金率在中性和略微看跌水平之间波动，从周六达到的-7％迅速恢复。更重要的是，在过去30天内，Sol Futures未能维持超过15％的年度资金阈值，这表明缺乏强烈的看涨情绪。

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.

关于美国SOL的潜在现货交换基金（ETF）的猜测仍然是最重要的短期价格催化剂。彭博社分析师乐观地认为，美国证券交易委员会将在年底之前批准莱特币（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，尚无明确的迹象表明SOL可以达到200美元，尤其是考虑到永久未来的中性资金率。此外，分散应用程序之间增加的竞争可能在减少投资者对SOL的期望方面发挥了作用。