FameEX Hot Topics | Solana Traders Surge in Buying Ahead of SEC ETF Decision

Traders viewing the recent drop in Solana (SOL) to $190 as a buying opportunity have pushed the altcoin's price back up to $213, marking a nearly 12% gain over the last three days. With the SEC expected to make its final decision on Solana’s potential ETF approval by October 10, many traders anticipate that SOL could reach new highs in the coming weeks. The recent sell-off was seen as a discounted entry point, triggering a surge in buying as market participants position themselves ahead of the decision.

As traders increased their long positions, Solana's spot orderbook bid-ask ratio saw a significant shift, reaching 0.47. This indicates a market tilt toward buyers, with a notable increase in buying pressure. The retail cohort has been particularly aggressive, with a reported $71.98 million in volume during the most recent 4-hour trading window. This surge in activity is a clear sign that market sentiment is leaning bullish, as traders look to capitalize on potential upside ahead of the SEC’s ruling.

Beyond short-term price movements, traders betting on SOL’s rise will closely monitor key metrics such as open interest across centralized exchanges, CME open interest, and CME futures volume. These indicators are crucial for gauging the strength of the current rally and the potential for continued upward momentum. A return to the price levels seen on September 18, when SOL hit a yearly high of $253, is seen as an ideal scenario over the next two weeks.

Solana’s CME futures open interest reached $2.12 billion on September 18, while CME futures volume stood at $1.57 billion. According to recent data from Velo.xyz, by September 26, these numbers had increased to $1.72 billion and $400 million, respectively. However, current aggregate open interest is still below the levels seen before the September rally, when it peaked at $3.65 billion. Traders are looking for a significant uptick in these figures to confirm the sustainability of the current uptrend.

Another key metric to watch is Solana’s cumulative returns during the U.S. trading session, especially as the decision on Solana ETFs nears. Returns have turned positive since Friday, signaling growing investor confidence. To further solidify the bullish outlook, traders will also be looking for a rise in cumulative returns in the APAC and EU trading sessions to align with the U.S. trend, signaling global momentum ahead of the SEC’s decision.

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