Solana Traders Eye a Comeback—But Is the Crypto Market Primed for a Rally?

Solana traders are doubling down on bets for a rebound, but the real question lingers: Is the broader market ready to play along?

Signs of life—or just wishful thinking?

Despite bullish whispers in SOL trading circles, the crypto market's notorious volatility means nothing's guaranteed. Traders might be loading up on hopium, but the charts—and the whales—call the shots.

Remember: In crypto, even 'sure things' have a habit of rug-pulling. Just ask the guys who YOLO'd into last year's memecoin frenzy.

Solana Futures light up CME

CME Futures volume for SOL soared to a record 1.75 million contracts on the 22nd of June, as institutional players pile in amid a price rebound toward $145.

But the timing is curious.

Source: Glassnode

The volume spike comes after weeks of sideways chop and a broader market lull. Notably, previous upticks in volume throughout May preceded sharp movements — so that this latest burst may be more than noise.

If history repeats, volatility is back on the menu — and SOL may not stay at $145 for long.

Stacked bets

As CME volume rockets to record highs, Open Interest is holding strong at $6.1 billion; its highest level since late March.

The chart reveals a decoupling: while Solana’s price has cooled from its Q1 highs, Leveraged positions haven’t budged much. This stickiness in Open Interest, especially amid recent volatility, suggests traders are committing.

Source: Coinglass

The last time that OI was elevated during a price downswing, SOL rallied sharply in the weeks that followed. Now, with fresh volume and DEEP positioning returning to the market, the stage is set for a high-stakes move.

Whether it moves up or down, remains to be seen.

Solana momentum check

Solana’s price may have bounced off local lows, but the technicals are still throwing shade.

Source: TradingView

The RSI was at 45.7 at press time — so the recent green candles are more relief than reversal. Meanwhile, the MACD remained in bearish territory, with a flat histogram and no confirmed crossover yet.

Volume stayed muted, and the recovery has stalled just under $147, indicating that buyers aren’t exactly stampeding in.

For now, SOL’s rebound looks more like a breather than a breakout. Until momentum indicators flip, the bulls will have to fight harder for a comeback. Subscribe to our must read daily newsletter