The cryptocurrency market is witnessing increased interest in Solana, driven by rising open interest in futures and the anticipated approval of ETFs.
Increase in Solana Futures Open Interest
As of June 11, Solana's price rose by 4.3% to $165. The aggregate open interest for SOL futures reached $7.54 billion, up 12% in the last 24 hours. This indicates growing interest from institutional investors.
Rising Total Value Locked and Active Addresses
The total value locked in Solana's smart contracts reached 56.8 million SOL, approximately valued at $9.1 billion. The number of active addresses interacting with decentralized applications increased by 38.5% in the last 24 hours, showing rising interest in the Solana ecosystem.
ETF Approval Odds and Price Outlook
The likelihood of approving a spot Solana ETF has jumped to 91% according to Polymarket. The approval of such funds could significantly increase demand for SOL and potentially drive prices higher. Some analysts predict targets as high as $1,300 in case of successful approval.
The increased interest in Solana, strong futures markets, and high ETF approval odds create a positive backdrop for further price growth of SOL.
