Solana futures open interest reaches $16.6 billion as the perpetual futures funding rates remain stable, signaling potential price upside. Galaxy and Forward Industries’ buy demand bolsters SOL price, leading to a 17% gain in the past week. The surge positions SOL for its highest weekly close since January, sparking speculation of a push towards $300.

CoinGlass data reveals a record $16.6 billion in SOL futures open interest, with stable perpetual funding rates indicating room for further upside. Market structure shows a buy-heavy net taker volume, while spot-driven rally suggests a healthier setup compared to futures-driven movements.

Galaxy Digital initiates a $326 million SOL purchase program for Multicoin Capital’s Solana DAT, with $354 million in stablecoins and up to $1 billion in cash reserved for additional SOL acquisitions. Forward Industries unveils a $1.65 billion SOL-native treasury backed by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking increased corporate adoption.

SOL hovers 15% below its all-time high of $295, with $250 serving as a crucial pivot point due to historical significance. A strategic reserve akin to Ethereum’s institutional backers could provide liquidity to mitigate sharp reversals. The RSI behavior suggests the rally may have room to continue, potentially retesting $295 and beyond in Q4.

Read more at Coin Telegraph: SOL Nears $250 Amid $16.6B Futures OI Rise