From Cointelegraph

June 12, 2025 5:43:00 pm:

Solana’s futures open interest hit a 2-year high, signaling institutional interest. Despite rising competition and neutral funding rates, SOL failed to maintain bullish momentum. Total open interest on SOL futures reached 46.2 million SOL, up 22% from the previous month, attracting savvy market participants with $7.4 billion in open positions.

While SOL’s price remains below its all-time high, the total crypto market cap is close to its peak. Solana network activity drop led to lower expectations for SOL gains. DEX activity on Solana decreased to $10.5 billion per week, with BNB Chain emerging as a strong competitor in perpetual futures.

SOL’s funding rates fluctuate between neutral and slightly bearish levels, indicating a lack of strong bullish sentiment. Speculation on a potential US ETF for SOL could be a significant price catalyst. However, the current neutral funding rates and increased competition suggest that a return to $200 for SOL may be challenging in the near term.

Read more at Cointelegraph: SOL Rally To $200 Possible As ETF Approval Odds Rise