Solana has quietly crossed an important milestone. Over the past 24 hours, its perpetual futures trading volume edged past Ethereum, signaling a subtle but meaningful shift in trader behavior.
While the difference in volume is narrow, the implication is larger. Traders looking for fast, leveraged exposure are increasingly choosing Solana over Ethereum for short-term positioning.
Speed, lower transaction costs, and sharper volatility continue to work in Solana’s favor, especially in derivatives markets where execution efficiency matters most.
The Bigger Picture Still Shows Ethereum’s Strength
Zooming out, Ethereum continues to dominate over longer timeframes. Its 30-day perpetual futures volume remains well ahead of Solana’s, reflecting deeper institutional participation and longer-term positioning.
However, what stands out is Solana’s higher open interest. More capital is currently committed to SOL derivatives, even if over a shorter horizon.
This divergence suggests that while Ethereum remains the long-term benchmark, Solana is capturing immediate trader attention, particularly among leveraged participants.
Buyer Pressure Builds Below Key Resistance
On the technical side, futures market data shows growing confidence among buyers. The 90-day Futures Taker CVD has turned positive and continues to rise, indicating that aggressive buy orders are outweighing sell orders.
This pattern often appears when markets absorb supply without triggering a sharp price rally. It creates a compression phase where pressure quietly builds.
Despite this, Solana’s price remains capped near the $144 resistance zone. Sellers continue to defend this level, keeping price action contained.
What matters is persistence. As long as buyer dominance persists and open interest remains stable, pressure continues to accumulate beneath the resistance.
Open Interest Growth Sends a Strong Signal
Open interest has climbed significantly compared to last year, while price has remained relatively stable in the $140 to $143 range.
This combination is important. Rising open interest without explosive price movement often points to controlled accumulation rather than speculative excess.
Funding rate data support this view. Repeated positive spikes suggest new long positions are being opened deliberately, not as a reaction to forced liquidations.
This type of positioning reflects confidence rather than emotion, a critical ingredient for sustainable upside moves.
What Needs to Happen for a $190 Move
For Solana’s bullish case to remain intact, two conditions matter most. Funding rates must stay positive but not overheated, and open interest must remain elevated without triggering cascading liquidations.
When leverage supports structure instead of destabilizing it, breakouts tend to be cleaner and more durable.
If buyer pressure continues and liquidity above resistance thins, a breakout becomes increasingly likely. In that scenario, momentum could carry SOL toward the $190-$200 range.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions
