Solana’s 370% Open Interest Surge on CME Exchange Sparks SOL Price Rally Speculation

Solana's futures market witnessed an explosive surge in July, with open interest rocketing 370% to $400 million on CME. Trading volume mirrored this growth, jumping from $2.2 billion to $8.1 billion month-over-month. This resurgence follows just three months after SOL futures launched and coincides with the announcement of Solana's pioneering spot ETF featuring staking capabilities.

On-chain data bolsters the bullish case. Circle expanded USDC minting on Solana by 11%, elevating the network's total stablecoin supply to $12.2 billion. Stablecoin transfer volumes climbed 54% to $220 billion, while DEXs sustained strong activity averaging $900 million in daily trades. Market participants now question whether these capital inflows can fuel a sustained SOL price recovery.