- A rising channel pattern drives the midterm uptrend in Solana price.
- A sharp surge of SOL perpetual open interest to $7 billion, accentuating heavy participation in the derivative market.
- The momentum indicator RSI (Relative Strength Index) holding above the 50% threshold suggests that the near term is bullish.
SOL, the native cryptocurrency of the Solana network, decoupled from the broader market pullback on Tuesday, U.S. market hours, to bounce 1.5%. The buying pressure came as perpetual open interest showcased heightened trader activity in the derivative market. The rising Solana price is also nearing to key resistance of the channel pattern, signaling an opportunity for a bullish breakout.
Solana Price Defies Market Slump With Surging Derivatives Activity
Since last weekend, a majority of major cryptocurrencies have witnessed a prolonged consolidation trend, struggling to hold key support. Defying the general bearish sentiment, the Solana price shows a quick rebound from $200.12 to the current trading value of $216, registering an 8.31% gain.
Solana has been attracting increased attention in the derivatives market as the trading activity broadens dramatically. According to Glassnode data, the number of open interests in perpetual futures that are linked to the SOL has already exceeded the $7 billion mark, which is indicative of a substantial growth in the level of market exposure.
The increase is accompanied by the spot price going beyond the $200 mark, which supports the idea of increased involvement in both trading segments, i.e., retail and institutional. The growth in the open contracts indicates an extensive involvement as opposed to a speculative burst. Interestingly, the funding costs associated with perpetual swaps, a measure that tends to reflect trader positioning, have not declined in spite of the exposure increase.
The lack of high spikes in these rates indicates that leverage has not been vigorously employed, and the growth of open interest is largely pegged on organic participation as opposed to highly directional bets.
Apparently, the current situation is unlike periods when futures trading was very active and the funding cost was overheated and was mostly followed by abrupt corrections. Rather, the market is also demonstrating balanced positioning, as long and short activity seems to be more evenly distributed.
SOL Eyes Breakout as Price Nears 5-Month Channel Resistance
By press time, the Solana price trades at $216, showcasing an intraday gain of 1%. A closer look at the daily chart shows the coin price is positioned just 3% short of challenging the key resistance trendline of a rising channel pattern at $222.5.
Since April 2025, the altcoin price has actively resonated within the two ascending trendlines, showcasing two reversals from the bottom support and four pullbacks from the overhead trendline. Thus, this dynamic support and resistance act as a major point of interest for traders in SOL’s midterm trend.
Amid the broader market pullback, the Solana price is facing selling pressure at the $220 mark, displayed with a long-wick rejection. If the selling pressure persists, the price could slip a brief 4% to retest the new emerging support trendline at $206. This trendline drives the current recovery momentum in price, bolstering buyers to escape channel patterns on the upside.
A potential breakout will accelerate the bullish momentum in Solana coin, bolstering an extended leap towards $265, followed by $295.
Despite the inclined trend in price, the momentum indicator RSI shows a sideways action reflecting weakness in buying momentum. Thus, a bearish breakdown below the new support trendline could invalidate the bullish thesis and drive a fresh correction trend in Solana.
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