{"id":358355,"date":"2021-10-27T01:00:00","date_gmt":"2021-10-26T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target\/"},"modified":"2021-10-27T01:00:00","modified_gmt":"2021-10-26T22:00:00","slug":"expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target\/","title":{"rendered":"# Expanding ecosystem and $1.86B futures open interest back Solana\u2019s $250 target"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a38793f9b2a8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a38793f9b2a8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target\/#DeFi_is_gaining_traction\" >DeFi is gaining traction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target\/#SOL_futures_open_interest_reached_a_record-high\" >SOL futures open interest reached a record-high<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solanas-250-target\/#250_seems_closer_than_ever_for_SOL\" >$250 seems closer than ever for SOL<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Expanding ecosystem and $1.86B futures open interest back Solana\u2019s $250 target <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Solana (SOL) price is meeting resistance near its all-time high again, but solid fundamentals and the impressive growth of its decentralized finance (DeFi) and non-fungible token (NFT) ecosystem are likely to drive the altcoin above $250 before year-end.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/86297786-6bfb-4cb1-b281-ef2cb52a20f4.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>SOL\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Institutional investor interest is likely a key factor behind Solana\u2019s impressive 490% gain since August. For example, SOL is the fourth largest Bitwise 10 Crypto Index Fund ($BITW) component, which overall is a $1.3 billion over-the-counter tradable market instrument.<\/p>\n<p>Traders should remember that this event is not necessarily positive since futures contracts require both a buyer (long) and a seller (short). Nevertheless, the increasing interest allows even more substantial players to participate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"DeFi_is_gaining_traction\"><\/span>DeFi is gaining traction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Solana\u2019s two most prominent decentralized finance projects are decentralized exchanges with built-in yield generation programs and they hold nearly $2 billion total locked value each.<\/p>\n<p>Saber (SBR) is an automated market maker (AMM) protocol that trades between stable pairs and synthetic assets and provides yields for the platform\u2019s liquidity providers. Meanwhile, Raydium offers a decentralized exchange, yield farming, and liquidity pools.<\/p>\n<p>Evidence of institutional investors\u2019 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>etite for Solana was the $12 million weekly inflow in mid-October, as reported by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinshares.com\/research\/digital-asset-fund-flows\">CoinShares<\/a> recently. In the same week, the United States registered branch of FTX exchange announced support for the Solana blockchain, enabling users to trade, deposit and withdraw NFTs that conform to the Metaplex token standard.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"SOL_futures_open_interest_reached_a_record-high\"><\/span>SOL futures open interest reached a record-high<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This positive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>flow has been reflected on Solana\u2019s derivatives markets, as depicted by the aggregate futures open interest data below:<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/1a242634-6a3a-458b-af87-af9138f167c8.png\"><figcaption style=\"text-align: center;\"><em>Solana futures aggregate open interest. Source: Bybt.com<\/em><\/figcaption><\/figure>\n<p>The indicator reached a record-high $1.86 billion on Oct. 25, which is a 123% increase in 30 days. To put things in perspective, Cardano (ADA) and Polkadot (DOT) currently hold a $900 million futures open interest.<\/p>\n<p>Traders should acknowledge that this event is not necessarily positive since futures contracts require both a buyer (long) and a seller (short). Nevertheless, this increasing interest allows even more substantial players to participate.<\/p>\n<p>Another positive factor is that DeFi protocols maintain a $13.5 billion total value locked (TVL) even though the sector took a substantial hit after the 17-hour network outage during Sept. 14 and Sept. 15.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/d920a7fd-cadd-493d-8954-86b6d88fc964.png\"><figcaption style=\"text-align: center;\"><em>Total value locked (TVL) on Solana in USD. Source: Defillama.com<\/em><\/figcaption><\/figure>\n<p>The Solana Foundation stated that bots spammed the network as Grape launched its IDO on the Solana-based decentralized exchange (DEX) Raydium. That activity overwhelmed the processing capacity with a transaction load of 400,000 per second, requiring a coordinated hard fork by validators to ignore the spam requests.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"250_seems_closer_than_ever_for_SOL\"><\/span>$250 seems closer than ever for SOL<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>VORTECS\u2122 data from Cointelegraph Markets Pro also began to detect a bullish outlook for SOL on Oct. 20, nearly 24 hours ahead of the 15% pump that led to $210.<\/p>\n<p>The VORTECS\u2122 Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> activity.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/6c0c8ee8-7ec2-4132-8233-d9c2f3898a22.png\"><figcaption style=\"text-align: center;\"><em>VORTECS\u2122 score vs. SOL price (white). Source: <\/em><em>Cointelegraph Markets Pro<\/em><\/figcaption><\/figure>\n<p>Data illustrates that the current number of tweets from unique accounts discussing Solana is 32% higher than the 30-day average. Tweet volume is one component of the VORTECS\u2122 score that identified bullish conditions for SOL on Oct. 20.<\/p>\n<p>As long as Solana\u2019s ecosystem expands, the network remains a viable solution for DeFi and NFT applications looking for cheap and fast transactions. Both onchain and derivatives indicators signal that $250 SOL by year-end is totally feasible.<\/p>\n<p class=\"post-content__disclaimer\"><em>The views and opinions expressed here are solely those of the <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/noshitcoins\"><em>author<\/em><\/a><em> and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/expanding-ecosystem-and-1-86b-futures-open-interest-back-solana-s-250-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Expanding ecosystem and $1.86B futures open interest back Solana\u2019s $250 target &#8221; Solana (SOL) price is meeting resistance near its all-time high again, but solid fundamentals and the impressive growth of its decentralized finance (DeFi) and non-fungible token (NFT) ecosystem are likely to drive the altcoin above $250 before year-end. SOL\/USDT 1-day chart. Source:&#8230;<\/p>\n","protected":false},"author":1,"featured_media":358356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvY2JiMTE4NDMtZDI4My00NGMyLWI3OGItMjZlMjA4MmRhN2VlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,88119,74863,74860,74868,75012,75916,75846,74939,92498,73785],"class_list":["post-358355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-altcoin-watch","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-defi","tag-derivatives","tag-dex","tag-futures","tag-market-analysis","tag-solana","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=358355"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/358355\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/358356"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=358355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=358355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=358355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}