Sunday June 22, 2025 ▪
5
Min read ▪ by
While the cryptographic market is looking for new impetus, some assets send unexpected signals. Solana (soil), long increased by volatility, revives the interests of merchants, powered by highly unbalanced derivative indicators. In an atmosphere of tense anticipation, this resurgence of upward pressure does not go unnoticed and could foreshadow a strategic turning point for this active often considered as the barometer of speculative feeling.
Brief
- Solana (soil) triggers a resurgence marked with interest among traders, with a wave of long positions on Binance and OKX.
- The long / short ratio reaches 3 on these platforms, revealing an imbalance in favor of the Bulls, according to Corglass data.
- This bullish dynamic, however, remains concentrated among certain players and does not yet reflect a large market consensus.
- Behind the apparent euphoria, the market could undergo a repositioning phase, between the exit of the weak hands and the consolidation of strong actors.
A significant imbalance on platforms
While traditional finance is preparing to adopt Solana, a figure draws the attention of technical observers: 2.87. This is the long / short ratio of the soil / USDT pair on Binance, according to data published by Coinglass. This means that for each Paris trader on the decline of Solana, about three take a long position.
On OKX, this imbalance is even more pronounced, with a 3.15 report. This marks growing confidence among crypto investors, whether commercial or institutional. Such asymmetry reflects a resolutely increased short -term market reading, at least on these two major exchanges.
Completing these raw figures, several indicators refine this observation:
- The long / short ratio based on user accounts: 2.89, showing that a large number of players are betting up, beyond the simple weighting by position of position;
- A report based on open positions: 1.96, highlighting the bullish intensity of the commitment, although slightly attenuated compared to the number of accounts;
- The global report 24 hours a day 24: 0.95, almost a uniform division between long and short positions on a market scale, which contrasts with data specific to the main platforms;
- Derivative volumes increasing sharply: +35%, with $ 13.87 billion negotiated, confirming a renewed activity on soil / USDT term contracts.
This contrast between global data and that specific to Binance and OKX suggests that current optimism is more concentrated among key players.
It is therefore not a large market consensus, but rather a sectoral signal worthy of consideration alongside other measures, such as options in the options and liquidation data.
Liquidations and the options market: between purge and repositioning
Data on liquidations and derivative markets reveal another more ambivalent facet of the current dynamics around Solana. In the past 24 hours, more than $ 30 million in posts have been liquidated, including $ 26.92 million in long positions.
At first glance, this figure may seem contradictory to the idea of a bull market. However, this wave of liquidations could in fact correspond to a purge of leverages, a common phenomenon before a potential movement of recovery.
Over the short intervals (1 hour and 4 hours), short position liquidations remain limited (less than $ 200,000), which could reflect a lack of conviction on the down side or even a strategic retirement of these actors before a period of volatility.
On the options side, the chain data is also instructive. The volume jumped almost 50%, to 1.51 million dollars, while open interest has dropped by more than 22%. This suggests that cryptographic investors turn more to short -term strategies rather than long -term hedges.
This drop in open interest, combined with an increase in volume, probably indicates tactical repositioning. Crypto traders are betting on quick price movements but do not wish to maintain long -term exposure.
In the medium term, this configuration could open the way to a sustained recovery in the soil price, but it remains conditioned on several factors: technical validation of support levels, real volume on the cash market, and in particular, the persistence of this risk appetite. Although derivative data provides a precious overview of immediate feeling, they must be contextualized with other macroeconomic and chain signals. For the moment, Solana operates in an environment where optimism comes back cautiously, but noticeably, even by attracting profiles with limited capital.
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Diploma of Sciences Po Toulouse and holder of a Blockchain certification consultant issued by Ayra, I joined the Cointribuna adventure in 2019. Convinced of the blockchain potential This ecosystem in Constantie Evolution. My goal is to allow everyone to understand the blockchain and to seize the opportunities it offers. I strive every day to provide an objective analysis of adreity, to decorate market trends, to relay the latest technological innovations and to put into perspective the economic and societal En Marche Enjenes.
Non-liability clause
The points of view, the thoughts and opinions expressed in this article belong only to the author and must not be considered as investment advice. Do your own research before making investment decisions.
