Solana Near Five-Month High Amid Rising Open Interest, Mixed Outlook Due to Macro and Technical Factors

Key Points

1. Solana's SOL token surged to nearly $200, marking a five-month high and a 50% rally over the past 30 days, with open interest increasing by $1.5 billion in three days.

2. Despite bullish momentum, SOL slightly retreated to around $197, indicating potential profit-taking or short-term volatility.

3. A divergence in volatility metrics (from 4% to 14%) suggests traders are pricing in increased future volatility, with bullish call options gaining premium over bearish puts.

4. Ethereum's recent 60% rally dominates short-term attention, but medium-term growth for Layer 1 blockchains is expected, driven by institutional adoption and regulatory developments like the 'GENIUS Act'.

5. Upcoming U.S. economic data (jobless claims, CPI) will influence Solana's and the broader crypto market's trajectory, highlighting the interplay between macroeconomic factors and crypto performance.