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  • Chandan Gupta
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    Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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    Why Is Solana (SOL) Price Rising? The Key Reason

    • currency-symbol SOL $ 129.39 (1.80%) top gainer
    Story Highlights
    • Solana (SOL), with its impressive 4.5% upside momentum, has defied the market trend.

    • The primary reason for this surge appears to be the upcoming launch of Solana (SOL) Futures by CME Group.

    • Solana (SOL) could soar by 25% to reach $176.

    After a continuous decline in recent days, SOL, the native token of the Solana blockchain, has successfully found support at a crucial level of $130, and the price has now begun to recover. However, this price rebound in SOL occurred during a period when other major assets, including Bitcoin (BTC), Ethereum (ETH), and Rippleโ€™s XRP, faced significant price drops.

    Solana (SOL) Futures Launch on CME Sparks Rally

    Today, February 28, 2025, SOL, with its impressive 4.5% upside momentum, has defied the market trend and is currently trading near $145.

    The primary reason for this surge appears to be the upcoming launch of Solana (SOL) Futures by CME Group, the worldโ€™s largest futures exchange, on March 17, 2025. However, the regulatory review by the CFTC is still pending, though it follows the launch of Bitcoin and Ethereum futures.

    https://twitter.com/NateGeraci/status/1895482828789625195

    With the introduction of SOL Futures, market participants will have the option to trade both a micro-sized contract (25 SOL) and a larger-sized contract (500 SOL). This price surge has given investors and traders hope that SOL may hold above the $130 mark.

    Solana (SOL) Price Action and Key Levels 

    According to expert technical analysis, SOL is poised for significant upside momentum after successfully retesting the crucial support level of $130. The price has begun to show bullish movement, and based on recent price action and historical patterns, if SOL holds above this key level, there is a strong possibility it could surge by 25% to reach $176 in the coming days.

    Jump in Open Interest 

    Following this announcement, SOLโ€™s futures open interest has surged by 10% in the past 24 hours, indicating increased trader participation and confidence in the asset, as reported by on-chain analytics firm Coinglass.

    $9.50 Million Worth of SOL Outflow 

    Additionally, investors and long-term holders have been accumulating SOL tokens. Data from spot inflows and outflows reveals that exchanges have witnessed an outflow of a notable $9.50 million worth of SOL in the past 24 hours, signaling potential accumulation, which could drive buying pressure and further upside momentum.

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