The total open position in Solana’s futures transactions reached 46.2 million left levels, seeing the summit of the last 2 years. This means an open position of approximately $ 7.4 billion in total. This figure increased by 22 %compared to last month.

📉 But why is it still $ 200 away?

The left was withdrawn to the $ 155 band after 10 %earnings on a weekly basis. Although he tested the $ 180 level several times in May, he failed to exceed this level. The rise in futures may be speculative, but the weak activity on the network still puts pressure.

💹 Neutral Funding Rate, Full Momentum

Term transactions When the funding rates are examined:

Although negative 7 %has been moved away,

For the last 30 days, a funding rate of more than 15 %has not seen.

This shows that a strong Long interest in the market has not yet occurred.

This table reveals that despite the rumors of Spot ETF, investors remain cautious.

🧪 Dex volume is stretching: activity in the Solana network decreases

Dex (decentralized stock market) volume on Solana within 30 days:

$ 29.2 billion → $ 10.5 billion.

Dex market share, which exceeds 50 %in January, is now significantly reduced.

While the transaction volume of alternatives such as Bnb Chain and Hyperliquid increased, it was left behind.

Especially the Hyperliquid’s standing out in perpetual futures limits the interest in the SOL.

⚖️ BNB Chain vs Solana: New Generation Defi Competition

While the projects that process with Ethereum L2 solutions contain complex structures, BNB Chain rivals Solana with a direct user experience:

Lower trading fees

Higher accessibility thanks to Binance integration

Integration of token launch vehicles

For these reasons, investors are turning to alternative chains.

📌 The hope of ETF is on the field again but it may not be enough

According to Bloomberg analysts, Spot ETF approvals for LTC, SOL and XRP are expected to increase to the end of 2025. This may be a catalyst for the price in the short term.

But for now:

Activity on the network falls,

The funding rate is weak,

Spot does not have a strong demand in the market.

Therefore, although the rumors of ETF create excitement, the target of $ 200 is still far from reality.

🧠 EVALUATION: Indicators in Solana Mixed

It supports the rising Open Interest and ETF hope optimism, but:

Weak dex volume

Powerless Funding Rates

Increasing competition

It stands out as the biggest obstacles to the SOL’s $ 200 levels.

👉 Current view: There is speculation, but sustainable acceleration is missing.