- Sun recovered considerably on the lists and wandered by almost 20% in 24 hours
- CME Group will launch Solana Futures on March 17 for micrus -stocked contracts and a larger contract
In the last day, Solana (sun) has registered a strong rise on their price charts. In fact, Altcoin recovered from a 6 -month was $ 125 to climb to $ 151 -a 20% recovery.
During the same period, Solana’s trade volume nailed 32.59% to reach $ 6.54 billion. In the same way, the alternative volume increased by 63% to $ 5.12 million, while open interest rates increased by $ 14.86 to $ 4.6 billion.
Against the background of the latest price pump, the question arises that arises what drives the upward momentum and whether the sun can stick to it. According to Ambcrypto’s analysis, the CME group’s latest announcement may be the good news that investors have been waiting for.
CME Group launches Solana Futures
According to a press release from CME groupThe leading Derivates Marketplace has announced plans to launch Solana Futures on March 17, pending regulatory review.
With the launch, the market operators will have the choice to buy both a micro -size (25 sun) and a larger contract (500 sun).
The head of crypto products at CME Group added,
“With the launch of our new Sol Futures contracts, we respond to increasing the customer’s demand for a broader set of regulated products to manage the price risk for Cryptocurrency.”
It is important that the CME group believes that Solana will continue to grow and develop into the most reliable platform for investors and developers. CME Group Sol Futures will be cash-based and based on CME CF Solana-Dollar reference frequency. Thus, their entry will benefit all stakeholders in the ecosystem.
What it means for Sol’s price
As expected, this announcement was well received by investors, with whales that turned to collect Altcoin. To put it simply, whales are now actively accumulating the sun.
According to Lookonchain, Valles have collected 95,640 SOL token’s worth $ 14.42 million. When whales turn to gather, it reflects either hausse -like feelings or indicates that they take the chance to buy the dip.
Source: Defillama
This purchase activity can be further confirmed by the latest case in Spot Netflows. According to the defillars, this decreased to -3.1 million from 1.29 million. When Netflows becomes positive, this means that the supply sees more accumulated addresses than selling such. This also indicates strong positive feelings among the participants when they turn to buying.
Therefore, the CME group’s announcement has inspired the market players, including whales, to get back to the market.
Source: COINALYZE
This change in the feeling is not just an isolated case among whales, but over all market players. This can be proven by the results of the aggregate financing frequency AVG. A positive financing frequency implemented that most investors take long positions and long -lasting people are willing to pay shorts a premium fee to hold their positions. This is a sign of strong hausse -like emotions, with investors who expect the price to rise.
Simply expressed, Soana has noted a short -term change in market feelings. Bulls has entered the market to shift bears and if this shift can last for a long -term period, we could see sun recover even more.
Therefore, the prevailing sentiment positions are SOL to recover $ 169. However, if these participants leave the market, Bears will retain their grip and sun will fall to $ 136.
