Solana Surges 20% Amid ETF Launch and Big Buys
Key Takeaways
- Solana (SOL) saw a price increase of nearly 20% over the past week.
- Over 70% of open positions (Open Interest) on Binance are long positions.
- Institutional investors such as Galaxy Digital and DefiDevCorp are buying SOL in large quantities.
- Canada has launched the world’s first spot Solana ETF.
- The combination of leverage, ETF approval, and wallet growth suggests a potential continuation of the upward trend.
Strong Long Bias in Solana: What’s Behind It?
Solana is currently showing a clear long bias: Over 70% of open futures positions on Binance are betting on rising prices. This is unusually high. Such one-sided positioning can be risky—especially if it’s not backed by real purchases on the spot market (i.e., direct buying of SOL). Without stable demand, price drops could trigger a cascade of forced liquidations.
ETF Approval in Canada: A Milestone
A major development came out of Canada: The world’s first spot Solana ETFs were approved on the Toronto Stock Exchange. ETFs (Exchange-Traded Funds) allow institutional investors to buy Solana directly through regulated financial products. This enhances SOL’s credibility as an asset class and may drive additional demand.
Institutional Buying Supports the Price
Two major players have recently made significant investments in Solana:
- DefiDevCorp purchased SOL worth 10.5 million USD. Their total holdings now amount to approximately 23 million USD.
- Galaxy Digital has withdrawn over 58 million USD worth of SOL from Binance since April 14. Recently, 150,221 SOL valued at around 20 million USD was transferred.
These purchases indicate strategic interest—rather than short-term speculation.
Technical Situation and Outlook
The futures market presents a clear picture: Open Interest (OI) recently reached 3.34 billion USD. For comparison, at SOL’s all-time high in January, OI stood at 6.8 billion USD. This was followed by a drop to 2 billion USD—triggered by market uncertainty and liquidations.
Currently, signs are increasing that this trend may be reversing. Since the last pullback to 100 USD, over 200,000 new wallets have been created. This shows that the user base continues to grow. Combined with institutional inflows, there is strong evidence for a continued upward movement.
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Our Assessment
The current market situation surrounding Solana is complex. The strong long bias in the derivatives market is a warning sign—but not necessarily negative. What matters is that these positions are supported by real purchases and institutional interest. That appears to be the case right now.
The launch of the first Solana ETF, the large-scale purchases by Galaxy Digital and DefiDevCorp, and the growth in wallet numbers suggest a solid foundation. While the risk of a short-term correction remains, SOL may be poised for further gains in the medium term.
For investors familiar with cryptocurrencies and willing to tolerate volatility, now could be a favourable time to enter the market.
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