The Solana price surged past $200 last week before retracing toward $188. This sharp swing highlighted growing demand for derivatives, with perpetual future volumes briefly surpassing those of Ethereum.
On-chain data shows that is climbing, with daily trading volumes spiking above $7 billion. Open interest in derivatives also pushes higher, although liquidations have been significant. Over $55 million in longs were wiped out in just one day.
Despite the turbulence, analysts note that SOL remains firmly on traders’ radars. Solana may see another breakout toward $220-$250 in the upcoming weeks if the rotation of liquidity into altcoins picks up speed.
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