241119: Solana (SOL) Hits 3-Year High
Solana (SOL) saw a 12% surge, reaching $242 on Nov. 17, its highest price in three years. This rally is fueled by optimism surrounding potential regulatory approval of spot Solana ETFs and strong network performance. VanEck’s Matthew Sigel expressed high confidence in a Solana ETF approval by 2025, citing Donald Trump’s crypto-friendly election win as a catalyst for broader regulatory support.
Solana’s network metrics also show robust growth. According to DefiLlama, Solana dominates DEX trading, accounting for 33.59% of market activity, surpassing Ethereum’s 17.54%. Its transaction fees and MEV tips have hit record highs, reflecting increased adoption. Market analysts suggest Solana's market cap is being repriced relative to Ethereum, with predictions of further price discovery.
Additionally, significant short liquidations in the Solana futures market contributed to the price rise, as $14.47 million in shorts were liquidated on Nov. 17. Open interest hit $4.82 billion, indicating heightened market speculation.
Technically, Solana’s breakout from a descending triangle pattern suggests more upside potential. Analysts project a year-end target of $267-$270, marking a new all-time high as bullish momentum continues to build.
Source: Cointelegraph
Futures Market Updates
In the past 24 hours, BTC and ETH futures both saw modest increases in open interest, with BTC at +2.45% ($56.28B) and ETH at +2.38% ($17.88B). BTC futures experienced a significantly higher surge in trading volume (+98.16%) compared to ETH (+48.78%). Liquidations were more evenly distributed for BTC ($40.69M long vs. $37.97M short), while ETH had a higher bias toward long positions being liquidated ($28.82M long vs. $19.06M short). The long/short ratios were close for both, slightly favoring shorts, with BTC at 50.42% short and ETH at 50.77% short. Funding rates were similar, though ETH's rate (0.0311%) edged slightly higher than BTC's (0.0307%).
BTC Futures Updates
Total BTC Open Interest: $56.28B (+2.45%)
BTC Volume (24H): $117.11B (+98.16%)
BTC Liquidations (24H): $40.69M (Long)/$37.97M (Short)
Long/Short Ratio: 49.58%/50.42%
Funding Rate: 0.0307%
Ether Futures Updates
Total ETH Open Interest: $17.88B (+2.38%)
ETH Volume (24H): $44.24B (+48.78%)
ETH Liquidations (24H): $28.82M (Long)/$19.06M (Short)
Long/Short Ratio: 49.23%/50.77%
Funding Rate: 0.0311%
Top 3 OI Surges
KTZ: $39.53M (+183.10%)
WEN: $9.57K (+123.31%)
DEGEN: $7.66M (+77.40%)
