FameEX Hot Topics | SEC Solana ETF Decision Sparks Buy Surge

Traders have found a new sense of optimism as Solana (SOL) recently dipped to $190, which many saw as an ideal buying opportunity. The altcoin's price quickly bounced back to $213 on Monday, reflecting a nearly 12% gain over the past three days. This price rebound signals that the recent sell-off was viewed as a discount by many retail traders, positioning themselves ahead of a critical moment for Solana—the U.S. SEC’s decision on Solana ETFs, expected by October 10. Many believe the decision could trigger a surge in price, pushing SOL toward new highs.

As traders rushed to buy into the market, Solana’s spot orderbook bid-ask ratio jumped to 0.47, signaling that buyers are dominating the market. The shift in this ratio indicates increased buying pressure, particularly from retail traders who have shown a keen interest in SOL’s potential. According to recent data, there was a remarkable $71.98 million in volume within the most recent 4-hour trading interval. This spike in activity suggests that retail traders are betting on the upcoming ETF decision to propel Solana’s price even higher, possibly creating new all-time highs.

In addition to price movements, traders are keeping a close watch on several key metrics. Open interest at centralized exchanges, CME futures open interest, and CME futures volume are essential indicators for understanding the strength of the current rally. Traders are looking for a potential return to the levels seen on September 18, when SOL surged to its yearly high of $253. At that time, CME futures open interest stood at $2.12 billion, and CME futures volume was $1.57 billion. More recent data, as of September 26, shows CME futures open interest at $1.72 billion and futures volume at $400 million, signaling some continued interest in Solana.

However, Solana’s aggregate open interest currently remains below the pre-high levels seen earlier in the year when it reached $3.65 billion. If Solana can push open interest higher in the coming weeks, it would signal that the rally has gained strong momentum, supported by both retail and institutional buyers. A rise in open interest is often a precursor to further upward price movement, so this will be a crucial metric for traders to monitor.

Lastly, Solana’s cumulative returns during the U.S. trading session have turned positive since Friday, a sign that sentiment is shifting in favor of the altcoin. Traders will be looking for confirmation that this positive trend extends beyond the U.S. session, with increases in cumulative returns during the APAC and EU trading hours. If all three regions show positive returns, it would suggest that the bullish trend is truly global and set to continue as the SEC decision looms.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.