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How will CME Group’s Solana Futures plan affect SOL’s price action?
The recent announcement by the CME Group to launch Solana Futures contracts has sent shockwaves through the cryptocurrency market. As expected, the news has been met with a strong positive reaction from investors, resulting in a significant 20% upswing for SOL. The question on everyone’s mind is whether this upward momentum can be sustained and what it means for SOL’s price action going forward.
The CME Group’s decision to launch Solana Futures contracts marks a major milestone for the cryptocurrency market. By providing a regulated platform for investors to buy and sell Solana futures, this move has instilled confidence in the community, leading to the accumulation of large amounts of SOL by whales. According to Lookonchain, these whales have amassed an impressive 95,640 SOL tokens worth $14.42 million.
This buying activity can be further confirmed by the recent decline in spot netflows, which indicates that more investors are accumulating SOL than selling it. This shift in sentiment is not limited to just whales; market participants across the board seem to be turning bullish on SOL. The aggregated funding rate AVG has also turned positive, suggesting that most investors are taking long positions and are willing to pay shorts a premium fee to hold their positions.
As this sentiment shift holds for an extended period, there is potential for SOL to reclaim $169, which has been a critical resistance level for the cryptocurrency. However, if these entrants exit the market, bears will regain control, and SOL could potentially drop back down to $136.
Source: https://ambcrypto.com/how-will-cme-groups-solana-futures-plan-affect-sols-price-action
