Solana’s futures open interest has surged to a 2-year high of $7.4 billion, signaling growing institutional interest. As SOL gains between Monday and Thursday recently showed promise, it has struggled to maintain momentum, remaining well below its all-time high of $294. A sharp decline in decentralized exchange (DEX) activity worsens the outlook for SOL price, recently dropping from $29.2 billion to $10.5 billion weekly. Although the funding rates for SOL futures have remained neutral, they indicate that bullish sentiment is lacking. Additionally, increasing competition from platforms like BNB Chain poses challenges for Solana's market position. Despite speculation regarding potential U.S. ETF approvals increasing optimism, SOL’s path to $200 seems uncertain given the current market conditions and investor sentiment.

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