Solana derivatives have recorded a 20% rise in open interest in recent days. The price of SOL is rising in parallel, waking up speculators on the futures markets. The question keeps coming up: can we aim for $100 in the short term? 🔥
🔍 What's going on?
The Solana futures market is frankly coming alive. Open interest is climbing 20% while the token is gaining ground. At the time of writing, SOL is trading around 84.96 USD. This renewed activity reflects a return of traders to leveraged positions, in a macro context more favorable to risky assets.
.But beware, technical indicators are sending mixed signals. The financing rate on perpetual contracts is capping at 3%, well below the neutral zone between 5% and 10%. Some periods even show negative rates, meaning that short sellers are paying to keep their positions open. Paradoxical when the price is rising.
💡 Why does it matter?
This situation reveals a still hesitant market. The increase in open interest shows that leverage is progressing, but low or negative financing rates betray a lack of conviction among buyers. Traders are speculating, but without massive enthusiasm. It's a technical rally rather than a wave of conviction.
.On a fundamental level, Solana retains solid strengths. The network remains a volume leader on decentralized exchanges and maintains a significant total locked-in value. Yet the token is still down 13% since the start of 2026. The gap between on-chain activity and market valuation persists. Memecoins, very active on Solana, could play a driving role if speculation really picks up.
📊 Our opinion
We remain cautious. This rise in open interest is interesting, but it lacks clear confirmation on the buyers' side.
Low or even negative financing rates alert us. When shorts pay to stay in position during a rise, it smacks of underlying bearish pressure. The market is probably waiting for a stronger catalyst before tipping outright. The $100 mark remains a technically credible target, but fundamentals are not yet keeping pace with leverage. For European traders, MiCA regulation continues to frame the crypto sector, limiting excessive leverage on authorized platforms. This may curb the excessive speculation we sometimes see elsewhere.
We're betting on consolidation around current levels before any acceleration. For the French trader: favor short positions with tight stops rather than betting on a rally towards 100 USD without a clear technical signal.
We're betting on consolidation around current levels before any acceleration.
✅ To remember
- Open interest on Solana up 20%, leverage up
- Low financing rates indicate limited buyer conviction
- SOL at 84.96 USD, but 13% down since January 2026
- 100 USD target technically possible but without fundamental confirmation
What do you think?Can Solana really break through USD100 in this context, or should we wait for a clearer signal before positioning ourselves?
🔎 Also to be read
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