Why Is Solana (SOL) Price Rising? The Key Reason
The post Why Is Solana (SOL) Price Rising? The Key Reason appeared first on Coinpedia Fintech News
After a continuous decline in recent days, SOL, the native token of the Solana blockchain, has successfully found support at a crucial level of $130, and the price has now begun to recover. However, this price rebound in SOL occurred during a period when other major assets, including Bitcoin (BTC), Ethereum (ETH), and Ripple’s XRP, faced significant price drops.
Solana (SOL) Futures Launch on CME Sparks Rally
Today, February 28, 2025, SOL, with its impressive 4.5% upside momentum, has defied the market trend and is currently trading near $145.
The primary reason for this surge appears to be the upcoming launch of Solana (SOL) Futures by CME Group, the world’s largest futures exchange, on March 17, 2025. However, the regulatory review by the CFTC is still pending, though it follows the launch of Bitcoin and Ethereum futures.
With the introduction of SOL Futures, market participants will have the option to trade both a micro-sized contract (25 SOL) and a larger-sized contract (500 SOL). This price surge has given investors and traders hope that SOL may hold above the $130 mark.
Solana (SOL) Price Action and Key Levels
According to expert technical analysis, SOL is poised for significant upside momentum after successfully retesting the crucial support level of $130. The price has begun to show bullish movement, and based on recent price action and historical patterns, if SOL holds above this key level, there is a strong possibility it could surge by 25% to reach $176 in the coming days.
Jump in Open Interest
Following this announcement, SOL’s futures open interest has surged by 10% in the past 24 hours, indicating increased trader participation and confidence in the asset, as reported by on-chain analytics firm Coinglass.
$9.50 Million Worth of SOL Outflow
Additionally, investors and long-term holders have been accumulating SOL tokens. Data from spot inflows and outflows reveals that exchanges have witnessed an outflow of a notable $9.50 million worth of SOL in the past 24 hours, signaling potential accumulation, which could drive buying pressure and further upside momentum.
