As the early excitement of Grayscale filing for Solana fizzles out, Solana faces a minor pullback. But will the growing bullish leverage drive the rally further?
With the total crypto market cap excluding Bitcoin BTC $111 523 24h volatility: 3.2% Market cap: $2.23 T Vol. 24h: $65.66 B and Ethereum ETH $3 991 24h volatility: 3.4% Market cap: $483.92 B Vol. 24h: $34.73 B reaching $1.12 trillion, Solana is one of the top-performing altcoins. As its market cap crosses $112 billion, the altcoin has surged 45% over the last 30 days.
In the growing market, Solana is trending with Grayscale’s 19b-4 filing to convert the Grayscale Solana Trust into an Exchange Traded Fund over the NYSE. With a surge in trend momentum, the SOL price SOL $197.0 24h volatility: 1.7% Market cap: $108.84 B Vol. 24h: $7.63 B registers a 24-hour high of $240.99.
However, Solana is back at $233 with a minor intraday pullback as the buying pressure gradually declines.
Bullish Leverage Surge for Solana
Despite the short-term surge in the Solana market price due to based on the grayscale news, the sudden burst of momentum has fizzled out. The open interest is back at $5.61 billion, and the long-to-short ratio has dropped to 0.9316.
However, the top traders over Binance maintain an extremely bullish point of view with a long-to-short ratio of 5.36 based on accounts and 3.09 based on positions.
Currently, the OI-weighted funding rate is 0.0379%, which is significantly higher than 0.0082% 30 days ago. This reflects a rise in bullish leverage among traders, who are betting on stronger market sentiments.
Whales Go Rampant
Despite the slightly underwhelming numbers on the derivatives market, the whales are on a rampant spree to accumulate SOL tokens. Over the past 24 hours, 4 whales have withdrawn a total of 185,510 SOL tokens.
These are worth $42.46 million, and the whales have extracted a large chunk from Binance Exchange. The largest withdrawal resulted in a transfer of 100,010 SOL tokens worth $22.46 million out of Binance.
Furthermore, a whale withdrew 46,903 SOL tokens worth $24.46 million. The third largest whale transaction came with a withdrawal of 20,897 SOL tokens worth nearly $5 million.
Finally, the last significant withdrawal resulted in an extraction of 18,500 SOL tokens worth nearly $4.2 million. As Binance witnesses a massive outflow of BNB tokens, it explains the sudden surge in the long-to-short ratio over its platform.
However, the broader market sentiments will play a critical role in determining the future price trend in Solana.
Polymarket Shows a 56% Chance of Solana ETF Approval
As the whales continue to withdraw large amounts of SOL tokens from Binance, Polymarket witnessed a surge in predictions related to the Solana ETF. The prediction for Solana ETF approval by July 31, 2025, witnessed a spike of 56% with a volume of $15,080.
The improving sentiment in the broader market is reflected in the Polymarket platform. Hence, with the rising sentiments and traders using leverage to ride out the hopium rally, Solana is ready to explode.
On a cautious note, a minor pullback in Bitcoin to $90K, as analysts anticipate, could result in a long liquidation cycle for Solana.
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