TLDR
- CME Group, the world’s largest derivatives exchange, announces futures trading for SOL and XRP, launching February 10, 2025
- Solana price reached $271, marking a 5.6% daily gain and over 50% increase in 10 days
- Network fees dropped 67% to $11.7 million on January 21, suggesting decreased trading activity
- Solana maintains dominance in DEX volume with 45% market share since January 16
- Daily active addresses peaked at 16.5 million before declining to 13 million
The cryptocurrency market witnessed notable movement in Solana (SOL) prices this week as the digital asset reached $271, spurred by news that CME Group plans to introduce SOL futures trading. The price surge represented a 5.6% daily gain, contributing to an impressive rally over the past ten days.
CME Group, recognized as the world’s largest derivatives exchange, announced its intention to launch futures contracts for both Solana and XRP.
The announcement comes pending regulatory approval and marks a substantial development in the institutional adoption of cryptocurrency trading instruments.
Bloomberg analyst Eric Balchunas provided additional context to the news, highlighting the possibility of a Solana futures ETF debut by mid-March. This development could potentially expand institutional access to Solana-based investment products through regulated channels.
SOL Price
The derivatives exchange’s decision to list Solana futures represents a major step in providing institutional traders with regulated exposure to the cryptocurrency. Market participants view this move as a potential catalyst for increased liquidity in the Solana ecosystem.
Recent trading data reveals mixed signals regarding Solana’s market activity. While the price action remains positive, network fees experienced a sharp decline, dropping 67% to $11.7 million on January 21 compared to January 19 levels. This decrease suggests a reduction in overall network usage and trading activity.
Trading platforms on the Solana network, including Raydium, Pump.fun, and Orca, showed decreased activity levels, though they maintained higher volumes compared to the previous week. Other decentralized applications like Jito, Meteora, Photon, and Moonshot.money maintained steady fee levels.
The network’s daily active addresses displayed a similar pattern of decline, falling from a peak of 16.5 million on January 20 to 13 million in subsequent days, according to data from Glassnode. Despite this decrease, Solana continues to show strength in certain areas of the cryptocurrency ecosystem.
Solana’s presence in decentralized exchanges (DEX) remains particularly robust. The network recorded $11.9 billion in DEX volume on January 21, surpassing the combined volume of $7.4 billion from competitors BNB Chain and Ethereum. Solana has maintained a market share above 45% since January 16, improving from its previous week’s average of 34%.
Technical analysis of Solana’s price movement shows the formation of a narrowing Keltner Channel with an upper boundary at $269.79. The MACD indicator displays bullish momentum, though recent data suggests this momentum may be slowing.
Market observers note that clearing the $275 resistance level could pave the way for SOL to approach the $300 mark. However, a drop below $250 might trigger a corrective phase, potentially testing support at $221.64.
The perpetual futures funding rate for SOL has remained relatively balanced between bullish and bearish positions over the past two days, hovering around 0.5% per month. This indicates neutral leverage demand from traders, with a brief period of increased short positioning observed on January 20.
The cryptocurrency’s year-to-date performance in 2025 shows a 34% increase, outpacing the broader altcoin market’s 10% gain. This growth coincided with increased activity in the memecoin sector, particularly following the launch of the Official Trump (TRUMP) token on January 18.
Trading patterns suggest some investors may have shifted focus to the stock market, where the S&P 500 reached a new intraday record of 6,100 on January 22. This movement was partly driven by strong performances from technology companies and positive market sentiment.
The post Solana’s (SOL) Records 34% YTD Gain to $271: Network Metrics and Trading Volume Analysis appeared first on Blockonomi.