Solana flips Ethereum in perps volume – Is a $190 move loading?

Solana [SOL] just pulled off a quiet but telling overtake. Over the last 24 hours, Solana posted $1.548 billion in perpetual Futures Volume, at press time, narrowly overtaking Ethereum’s [ETH] $1.523 billion.

That flip is small in absolute terms but meaningful in context. It shows traders actively choosing Solana for short-term, leveraged exposure.

Momentum played a role. Faster execution, lower fees, and strong SOL volatility pulled flows toward Solana.

However, the broader picture adds nuance. Ethereum dominated over longer horizons, with $50.86 billion in 30-day Perps Volume versus Solana’s $31.61 billion.

Yet, Solana’s Open Interest (OI) of $347.6 million exceeded Ethereum’s $268.4 million, signaling more capital currently committed to SOL derivatives.

This matters, as short-term trader attention is shifting. More importantly, Solana is proving it can compete with Ethereum not just in narratives but in real, leveraged trading activity.

SOL’s pressure below $144 resistance

The 90-day Futures Taker CVD has turned positive and continues to rise as of writing.

Taker Buy orders are increasingly outweighing Taker Sells, signaling that aggressive buyers are stepping in.

This pattern often emerges when markets absorb supply without triggering sharp price increases, creating what is commonly described as a “coiled spring” setup.

Notably, the growing green bars reflect rising leverage demand and improving confidence. Traders are showing a willingness to cross the spread to take long positions.

That usually reflects expectations of higher prices, not short-term noise. At the same time, price action remains capped. SOL continues to face resistance near $144, confirming that sellers still defend this zone.

However, persistence is the key signal. If the taker’s buying stays dominant and OI holds without sharp liquidations, pressure will continue to build. Liquidity thins above resistance.

As a result, optimism remains justified. Sustained green CVD could unlock a breakout. If it does, momentum may carry SOL toward the $190-$200 zone, aligning leverage intent with price expansion.

OI growth outpaces price, hinting at…

At the time of writing, the OI‑Weighted Funding Rate showed recurring green spikes. This signals that traders are opening new long positions rather than simply reacting to liquidations.

Meanwhile, OI has climbed to $8 billion, well above the lower levels seen in 2025, while price has stabilized in the $140–143 range, notably higher than the $120–130 zone.

These spikes are largely driven by leveraged traders and funds as volatility settles. 

The steady investment alongside stable prices suggests that accumulation is taking place without the risk of overcrowding. Importantly, the price has not surged violently.

This restraint indicates that long positions are being absorbed without triggering aggressive squeezes.

For sustainability, two conditions are critical: Funding Rates must remain positive but controlled, and OI should be maintained without sparking cascading liquidations.

When these conditions hold, leverage supports the market structure rather than destabilizing it.

Overall, the setup points to constructive positioning. New longs are gradually building exposure, and the market reflects confidence without tipping into euphoria, keeping the upside case intact.

Final Thoughts

• Solana’s derivatives momentum is strengthening, as perps volume, taker demand, and open interest turn supportive.
• Price compression below $144 with rising leverage hints at a breakout, keeping the $190 – $200 zone in focus.