After a consistent price rise for several days, Solana suddenly flipped over to the other side of the market. However, investors have shown resilience despite the negative price behavior seen today.
According to data provided by Coinglass, CME users are committing a large amount of sol in exchanges as investors remain optimistic about the potential price of Solana.
Data shows that CME Group’s open interest in Solana has skyrocketed by more than 6% in just one day as investors remain bullish on the main Altcoin. In particular, major on-chain metrics show that CME crypto users have committed SOL worth around $19.1 billion in exchange.
CME shares a major update for Solana
The surge in Solana futures activity, inherent to the CME, occurs when the exchange discloses plans to deploy Sol and Micro Sol futures option contracts on the platform.
To promote further exposure to the Solana Ecosystem, CME has also announced the launch of a Trading At Settreming (TAS) mechanism in SOL, allowing users to carry out Solana transactions seamlessly and accurately.
This update was received warmly by the crypto ecosystem, winning major altcoin hype and leading Solana into the spotlight.
The launch of Solana-based products at CME has attracted more attention as Solana offers an expanded investment opportunity for retail and institutional traders, allowing it to hedge the exposure of the Solana market.
Prior to this update, Solana was experiencing fast trading speeds and continued to attract capital as the ecosystem expanded increasingly seduced interest from large corporations.
The move has set Solana up to gain massive traction in the derivatives market, alongside major cryptocurrencies such as Bitcoin and Ethereum in terms of facility-grade trading tools, which is why this tends to increase trust among Solana investors and drive higher demand for assets, particularly among institutional investors.
The move will encourage more adoption of Solana, but its bullish and bearish traders will offer more options to bet on price moves.
Move places Solana in a more positive price action, but investors are closely watching the market dynamics of assets. This is because there is speculation that some traders will choose to make a profit when Sol Futures Options is published on the CME.
