Grayscale, one of the world's largest asset managers, has taken an important step by applying for a spot Solana ETF.
While Solana ETFs are expected to receive approval under the Trump administration in the long term, cryptocurrency analysis platform Matrixport said it expects SOL to see a price correction with a high funding rate.
In his daily analysis shared on his Matrixport X account, he wrote that Solana (SOL) has currently reached an annualized funding rate of up to 70%, putting tremendous pressure on margin traders who have created long SOL positions.
Citing historical data on this point, Matrixport analysts said that such funding rate levels are often associated with price corrections.
Analysts warned investors that they expect a correction in Solana's price based on funding levels.
Matrixport recently recalled that the SOL/USDT pair experienced a correction after reaching a similar funding rate in March.
“Solana’s funding rate is unusually high at 70% per annum, which has a negative impact on leveraged long positions.
“Historically, such high funding rates have been associated with corrections. In March, SOL-USDT prices experienced a correction under similar conditions.”
https://twitter.com/Matrixport_EN/status/1864204238689014015
*Not investment advice.
