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Why Solana’s Q2 gains might fuel SOL’s next price rally
Solana wrapped up a strong Q2 with DeFi TVL up over 30% and app revenues more than doubling. Despite a slight pullback in Open Interest and cooling funding rates, SOL’s price structure and technical indicators remain bullish.
The network’s Application Revenue Capture Ratio – a measure of how well Solana apps convert economic activity into revenue – has more than doubled from 126.5% to 211.6%. This leap was driven by increased validator earnings through base fees, priority fees, and MEV tips. Together, these gains demonstrate that users are spending – and builders are getting paid.
Solana’s Open Interest (OI) surged above $6 billion on August 14th before cooling down to $5.28 billion as a wave of leverage entered the market, likely fueling recent price momentum. However, this decline in OI following the top indicates profit-taking or a flush of overextended positions. Funding Rates also spiked mid-week, hinting at bullish sentiment, but later eased to a neutral 0.0009. Taken together, the data suggests that while traders were eager to bet on Solana’s upside, euphoria has tempered.
Source: eng.ambcrypto.com
