SOL Recovers Significantly on the Charts

Solana (SOL) has recovered significantly in the last 24 hours, rising nearly 20% from a 6-month low of $125 to $151.

Solana’s trading volume also saw a spike of 32.59%, reaching $6.54 billion. Additionally, Options volume increased by 63% to $5.12 million, while Open Interest surged by 14.86% to $4.6 billion.

CME Group to Launch Solana Futures

The CME Group announced plans to launch Solana Futures on 17 March, pending regulatory approval. Investors will have the option to trade micro-sized contracts (25 SOL) and larger contracts (500 SOL). The head of Crypto Products at CME Group stated that this move responds to growing client demand for regulated products to manage cryptocurrency price risk, and they believe Solana will emerge as a reliable platform for investors and developers. The futures will be cash-settled and based on the CME CF Solana-Dollar Reference Rate.

Impact on SOL’s Price

The announcement positively impacted investors, leading to increased accumulation of SOL tokens by whales. According to Lookonchain, whales accumulated 95,640 SOL tokens worth $14.42 million, reflecting bullish sentiment. This buying activity aligns with a decline in spot netflows, suggesting more accumulating addresses than selling ones, indicating strong positive sentiment among participants.

The aggregated funding rate average shows most investors are taking long positions, implying expectations of rising prices. Therefore, the shift in market sentiment positions SOL to potentially reclaim $169. However, if bullish entrants exit, SOL could drop to $136.