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SOL’s native token gained 10% within five days, reaching a three-week high on Friday as market sentiment improved following a ceasefire extension announced by the US and Iran. The move came alongside an 8% decline in crude Brent oil prices, while demand for SOL futures increased sharply.
Aggregate open interest in SOL futures rose to $4.2 billion on Friday, up from $3.5 billion on Sunday—an increase of 20%. The uptick suggests greater appetite for leveraged positions, which can indicate broader participation, including institutional investors. However, longs and shorts remain matched at all times in the futures structure, so any meaningful imbalance would be expected to show up first in perpetual futures markets.
Funding rates also provide context for positioning. Under neutral conditions, the annualized funding rate should typically fall between 5% and 10% to offset the cost of capital. A 3% rate points to relatively low confidence from bulls, though it is still far from the extreme fear levels seen on April 7, when SOL prices fell below $80. A negative funding rate would imply shorts are paying to keep positions open, which is described as unusual in cryptocurrency markets.
Even with SOL’s recent strength, the token has underperformed the broader cryptocurrency market by 13% in 2026. The article attributes part of this gap to reduced appetite for decentralized applications (DApps). Still, Solana remains a leading network, maintaining vice-leadership in Total Value Locked (TVL) and dominance in decentralized exchange (DEX) volumes.
Solana network DApp revenues have declined over the past few months, totaling nearly $16 million per week. The article notes this pattern is not unique to Solana: DApps on Ethereum generated $10 million in revenue over the past week, while BNB Chain recorded $4 million. It identifies fading interest in DEX activity as the primary driver behind the industry-wide revenue decline.
A resurgence in memecoin trading appears to be supporting SOL. Multiple memecoins jumped 40% or more between Wednesday and Friday, which likely contributed to increased demand for SOL futures.
During the prior memecoin rally in early 2025, Solana stood out for user activity—particularly after the launch of the Official Trump memecoin. The article frames renewed memecoin demand as a positive signal for SOL price momentum.
The article argues that weak demand for bullish leverage in futures provides limited resistance to a renewed rally. It also points to reduced pressure from the war in Iran as a potential catalyst for SOL shorts to cover positions, which could help drive upside toward $100.
It also highlights Solana’s broader appeal for the next wave of DApp users, including activity tied to AI agents or speculative trading, citing the robustness of its validators and the integrated user experience provided by Web3 wallets.
This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.
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