After a period of decline, the native token of the Solana blockchain, SOL, has shown signs of recovery after finding support at the crucial level of $130. This price rebound comes at a time when other major assets such as Bitcoin, Ethereum, and Ripple’s XRP have experienced significant drops in price.
Today, on February 28, 2025, SOL is trading near $145 with a 4.5% upside momentum, defying the overall market trend. The primary reason for this surge seems to be the upcoming launch of Solana (SOL) Futures by CME Group on March 17, 2025. However, the regulatory review by the CFTC is still pending, following the successful launch of Bitcoin and Ethereum futures.
With the introduction of SOL Futures, traders will have the option to trade both micro-sized contracts (25 SOL) and larger-sized contracts (500 SOL). This development has instilled hope in investors and traders that SOL may continue to hold above the $130 mark.
Technical analysis suggests that SOL is poised for significant upside momentum after retesting the $130 support level. If SOL can maintain above this key level, there is a strong possibility that it could surge by 25% to reach $176 in the near future.
Following the announcement of SOL Futures, the open interest in SOL’s futures has seen a 10% surge in the past 24 hours, indicating increased trader participation and confidence in the asset, according to Coinglass, an on-chain analytics firm.
Moreover, data on spot inflows and outflows show that exchanges have witnessed a significant outflow of $9.50 million worth of SOL in the past 24 hours. This suggests that investors and long-term holders are accumulating SOL tokens, potentially driving buying pressure and further upside momentum.
Overall, the launch of SOL Futures on CME has sparked a rally in SOL’s price, with the token showing resilience amidst market turbulence. If SOL can maintain its current momentum and hold above key support levels, it could see further price appreciation in the coming days.