Solana’s 10% Jump Fueled by Institutional Enthusiasm
The price of Solana (SOL) has increased by nearly 10% in the last 24 hours. It is driven by a renewed general optimism in the cryptocurrency market. This notable rise coincides with a record volume of SOL futures contracts traded on the Chicago Mercantile Exchange (CME) platform.
Indeed, Glassnode data reveals that the volume of SOL futures contracts on CME has reached 1.75 million contracts. This is a historical peak for this cryptocurrency. This exceptional performance aligned with a significant rebound in the SOL token price, soaring from $125 – its lowest level observed post-Middle East geopolitical tensions – to highs of $146. Despite this surge, the altcoin price still sits nearly 50% below its all-time high of $294 set in January 2025.
Solana Attracts Professional Investors
The record volume of SOL futures contracts on CME, termed “highest ever recorded” by Glassnode, is a clear indication of the growing interest of institutional investors in Solana. These investors appear to be positioning themselves in anticipation of a potential SOL price rebound.
The last time the SOL token traded above $150 was on June 20, 2025. It then fell to $125 during the massive sell-off that also drove Bitcoin to nearly $98,000. However, the leading cryptocurrency has since bounced back above $105,000, fueling gains across the entire crypto market.
A Milestone for SOL-Backed ETFs ?
CME Group announced the launch of SOL futures contracts in March 2025. This provides market participants the choice between smaller (25 SOL) or larger (500 SOL) contracts. The start was slow with less than 400,000 contracts traded in April and May. However, the volume substantially increased later on, surpassing one million contracts this week.
Analysts believe this significant CME futures contracts volume could be a precursor to the demand for Solana-backed ETFs. Experts have recently assigned a 95% probability to the approval of spot ETFs on SOL in 2025.
Coinglass data shows that open interest in Solana has surged to over $6 billion. Concurrently, derivatives volume has increased by over 28% to reach $19.2 billion. Overall, Solana’s bullish momentum and the growing institutional interest in CME futures contracts seem to signal a positive outlook for this innovative cryptocurrency.
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