Solana News: Coinbase Introduces CFTC-Regulated SOL Futures Trading

In a move that could potentially boost the price of Solana in the long run, Coinbase has announced the launch of CFTC-regulated SOL futures trading.

Coinbase Introduces CFTC-Regulated SOL Futures Trading

Coinbase has announced the introduction of CFTC-regulated SOL futures trading, aiming to attract institutional investors and experienced traders. The move has positively impacted the price of Solana, which has recovered by 1.5% today, rising to $171. Despite being down 13% in a week and 35% in a month, Solana maintains a longer-term upward momentum, potentially leading to a positive long-term price prediction with the expansion of futures trading.

Solana’s (SOL) Decline Raises Concerns

Solana (SOL) has been losing momentum, with price slipping due to shifting market sentiment and investor profit-taking. Despite network strength, scalability and market trend concerns add pressure on SOL. Investors eye alternatives like Mutuum Finance (MUTM), an emerging DeFi project offering a decentralized lending platform. With growing demand and a structured roadmap, MUTM could be a high-potential investment.

Whale Withdraws $14.8 Million in Solana From Binance

A newly created wallet has withdrawn 87,328 Solana (SOL) worth $14.8 million from Binance in the past two days, according to data reported by Lookonchain. The whale then staked all the tokens, indicating a potential accumulation of the altcoin. Such significant asset withdrawals from exchanges can signify whales acquiring Solana, which could lead to buying pressure and a potential price increase.

Solana Faces Challenges in Recovery Due to Bearish Market Sentiment

Solana is currently oversold, with its price recovery from $170 facing significant challenges. The combination of negative market sentiment and investor skepticism has made it difficult for the cryptocurrency to bounce back. Many holders have expressed a lack of confidence in Solana's recovery, which plays a crucial role in its success. As a result, potential buyers are being discouraged, and trading activity has decreased, further hampering any recovery efforts.