CME Exchange Sees Near-Record Solana Futures Interest as Altcoins Outperform Ahead of Fed

While major cryptocurrencies showed limited movement in anticipation of Wednesday's Federal Reserve meeting, several altcoins demonstrated significant strength. Solana's SOL futures approached record open interest levels on CME, indicating robust institutional demand. Privacy-focused Monero overcame a major blockchain reorganization to gain 6%, while IMX surged 13%, AVAX advanced 6%, and HASH climbed 4%.

Market indicators present mixed signals. The ETF MVRV ratio reaching 2.29 points to strong institutional bidding, yet declining spot cumulative volume delta raises sustainability concerns. "This divergence between momentum and participation typically precedes either a news-driven pullback or a sharp continuation rally," observed Timothy Misir of BRN Research.

Derivatives markets reveal capital rotation from BTC and ETH futures into selective altcoins. AVAX open interest jumped 14% as its market capitalization nears $13 billion for the first time since February. Solana's record 70 million SOL in open interest, combined with positive funding rates, highlights growing bullish sentiment toward the smart contract platform.