- Sol recovered considerably on the charts and walked in 24 hours with almost 20% with almost 20%
- CME Group will launch Solana Futures for micro-sized contracts and a larger contract on 17 March
In the last 24 hours, Solana [SOL] has registered a strong revival on its price diagrams. In fact, the Altcoin was found from a lowest point in 6 months from $ 125 to climb to $ 151 -a 20% recovery.
In the same period, Solana’s trade volume was 32.59% to reach $ 6.54 billion. Likewise, the option volume climbed by 63% to $ 5.12 million, while the open interest rose by 14.86% to $ 4.6 billion.
In the light of the newest price pump, the question that occurs is what the upward momentum drives and whether SOL can hold it. According to Ambcrypto’s analysis, the last announcement of the CME Group can be the good news that investors have been waiting for.
CME Group to launch Solana Futures
According to a press release from the CME groupThe leading derivatives market has announced plans to launch Solana Futures on 17 March, awaiting the evaluation of the regulations.
With the launch, market participants will have the choice to trade both a micro-format contract (25 SOL) and a larger contract (500 SOL).
The head of Crypto products at CME Group added,
“With the launch of our new SOL -Futures contracts, we respond to increasing the customer’s demand to a wider set of regulated products to manage the risk of cryptocurrency price.”
It is important that the CME group is of the opinion that Solana will continue to grow and evolve into the most reliable platform for investors and developers. CME Group Sol-Futures are in cash and based on the CME CF Solana-Dollar Reference Rate. That is why their entry will greatly benefit all stakeholders within the ecosystem.
What it means for the price of Sol
As expected, this announcement was well received by investors, where whales turn to collect the Altcoin. Simply put, whales now actively collect Sol.
According to Lookonchain, Whales have collected 95,640 Sol -Tokens worth $ 14.42 million. When whales turn to accumulate, this reflects bullish sentiments or indicates that they take the opportunity to buy the dip.
Source: Defillama
This purchase activity can be further confirmed by the recent drop in Spot Netflows. According to Defillama, this fell to -3.1 million of 1.29 million. When Netflows becomes positive, this means that it sees more accumulating addresses than selling. This is also an indication of strong positive sentiments for participants when buying to buy.
That is why the announcement of the CME Group has inspired market participants, including whales, to get back on the market.
Source: Coinalyze
This shift in sentiment is not only an isolated case with whales, but with all market participants. This can be demonstrated by the findings of the aggregated financing percentage AVG. A positive financing rate AVG implies that most investors take long positions and that longs are willing to pay shorts a premium allowance to submit their positions. This is a sign of strong bullish sentiments, in which investors expect the price to rise.
Simply put, Solana has noticed a short -term shift in market sentiments. Bulls entered the market to move bears and if this shift can hold for a long -term period, we could see Sol recover even more.
That is why the prevailing sentiment Sol positions to reclaim $ 169. However, if these participants leave the market, Bears retain their hold and Sol drops to $ 136.
