Solana (SOL) has just made a discreet but revealing overtake. Over the past 24 hours, Solana saw $1.548 billion in perpetual futures volume, at press time, narrowly surpassing Ethereum’s (ETH) $1.523 billion.
This turnaround is small in absolute terms, but significant in context. It shows that traders are actively choosing Solana for short-term exposure with leverage.
Momentum played a role. Faster execution, lower fees, and high SOL volatility have attracted flows to Solana.
Source: DéfiLlama
However, the bigger picture adds nuance. Ethereum dominated over longer horizons, with $50.86 billion in 30-day Perps volume compared to Solana’s $31.61 billion.
Still, Solana’s open interest (OI) of $347.6 million surpassed Ethereum’s $268.4 million, signaling more capital currently committed to SOL derivatives.
This is important because the focus of short-term traders is changing. More importantly, Solana proves that it can compete with Ethereum not only in narratives, but also in real-world and leveraged trading activities.
SOL Pressure Below $144 Resistance
The Futures Taker 90-day CVD has turned positive and continues to rise at the time of writing.
Takers’ buy orders increasingly exceed takers’ sell orders, indicating that aggressive buyers are intervening.
This trend often occurs when markets absorb supply without triggering large price increases, creating what is commonly described as a “coil spring” pattern.
In particular, the growing green bars reflect the growing demand for financial leverage and improving confidence. Traders show their willingness to cross the spread to take long positions.
Source: CryptoQuant
This generally reflects expectations of higher prices, not short-term noise. At the same time, price developments remain capped. SOL continues to face resistance near $144, confirming that sellers are still defending this area.
However, persistence is the key signal. If taker purchases remain dominant and OI maintains without sharp liquidations, pressure will continue to mount. Liquidity thins above resistance.
Optimism therefore remains justified. A sustainable green CVD could unlock an escape. If so, momentum could take SOL towards the $190-$200 area, aligning leverage intent with price expansion.
OI growth outpaces price, hinting at…
At the time of writing, the IO-weighted funding rate was showing recurring green spikes. This indicates that traders are opening new long positions rather than simply reacting to liquidations.
Meanwhile, OI climbed to $8 billion, well above the lower levels seen in 2025, while the price stabilized in the $140-143 range, significantly above the $120-130 area.
These spikes are largely driven by traders and leveraged funds as volatility takes hold.
Source: CoinGlass
Regular investment and stable prices suggest that accumulation is occurring without the risk of overpopulation. It is important to note that the price did not rise violently.
This hold indicates that long positions are absorbed without triggering aggressive squeezes.
For sustainability, two conditions are essential: funding rates must remain positive but controlled, and OI must be maintained without triggering cascading liquidations.
When these conditions are met, leverage supports the market structure rather than destabilizing it.
Overall, the configuration indicates a constructive positioning. New long positions gradually strengthen their exposure, and the market reflects confidence without falling into euphoria, thus preserving the bullish scenario.
Final Thoughts
- Solana derivatives momentum is building, as criminal volume, taker demand, and open interest become favorable.
- Price compression below $144 with increasing leverage portends a breakout, keeping the $190-$200 area in focus.
