Crypto Brief: Solana futures open interest rose by 20% this week: Is $100 SOL next?

According to recent market coverage, sOL’s steady recovery alongside the wider crypto sector has traders debating whether $100 could be the next stop for the altcoin.

Key takeaways: Solana maintains its trading market dominance in DEX volume and TVL despite SOL’s underperformance versus its peers.

Easing sell pressure from volatile geopolitics and a resurgence in memecoin activity could catalyze a SOL price rally to $100.

Solana’s native token SOL (SOL) gained 10% within five days, reaching a three-week high on Friday.

This price movement followed a generalized excitement after the US and Iran announced a ceasefire extension, which led to an 8% decline in crude Brent oil prices.

Demand for SOL futures surged as open interest jumped by 20% since Sunday, causing traders to question if the SOL quote is bound for $100.

SOL futures aggregate open interest rose to $4.2 billion on Friday, up from $3.5 billion on Sunday.

While an increased appetite for leveraged positions indicates institutional investor participation, longs (buyers) and shorts (sellers) remain matched at all times.