Solana Market Cap Reaches $112 Billion Amid ETF Approval Speculation
The total cryptocurrency market cap, excluding Bitcoin and Ethereum, has reached $1.12 trillion. Solana’s market cap exceeds $112 billion, with a 45% increase over the last 30 days.
Solana is gaining attention due to Grayscale’s filing to convert the Grayscale Solana Trust into an Exchange Traded Fund on the NYSE. The SOL price hit a 24-hour high of $240.99 but has since declined to $233 amid reduced buying pressure.
Bullish Leverage Surge for Solana
Following the initial price surge related to Grayscale news, momentum has subsided. Open interest is at $5.61 billion, with a long-to-short ratio of 0.9316. However, top traders on Binance maintain a bullish outlook, showing a long-to-short ratio of 5.36 based on accounts and 3.09 based on positions.
The OI-weighted funding rate is currently 0.0379%, up from 0.0082% 30 days ago, indicating increased bullish leverage among traders betting on positive market sentiment.
Whales Go Rampant
Despite mixed derivatives market data, whales are aggressively accumulating SOL tokens. In the past 24 hours, four whales withdrew a total of 185,510 SOL tokens valued at $42.46 million, predominantly from Binance. The largest single withdrawal was 100,010 SOL tokens worth $22.46 million.
Additional notable withdrawals include 46,903 SOL tokens worth $24.46 million, 20,897 SOL tokens valued at nearly $5 million, and 18,500 SOL tokens worth approximately $4.2 million. This significant outflow of BNB tokens from Binance correlates with the increased long-to-short ratio on the platform.
Broader market sentiment will be crucial in determining Solana's future price trends.
Polymarket Shows a 56% Chance of Solana ETF Approval
As whale activity continues, Polymarket reports a 56% probability of Solana ETF approval by July 31, 2025, with a trading volume of $15,080.
Rising market sentiment is evident on Polymarket. With increasing trader leverage supporting the rally, Solana shows potential for further growth. However, analysts warn that a minor pullback in Bitcoin to $90K could trigger a liquidation cycle for Solana.