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

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

That flip is small in absolute phrases however significant in context. It reveals merchants actively selecting Solana for short-term, leveraged publicity.

Momentum performed a job. Sooner execution, decrease charges, and robust SOL volatility pulled flows towards Solana.

Supply: DefiLlama

Nonetheless, the broader image provides nuance. Ethereum dominated over longer horizons, with $50.86 billion in 30-day Perps Quantity versus Solana’s $31.61 billion.

But, Solana’s Open Curiosity (OI) of $347.6 million exceeded Ethereum’s $268.4 million, signaling extra capital at present dedicated to SOL derivatives.

This issues, as short-term dealer consideration is shifting. Extra importantly, Solana is proving it could compete with Ethereum not simply in narratives however in actual, leveraged buying and selling exercise.

SOL’s stress under $144 resistance

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

Taker Purchase orders are more and more outweighing Taker Sells, signaling that aggressive patrons are stepping in.

This sample typically emerges when markets take in provide with out triggering sharp value will increase, creating what is usually described as a “coiled spring” setup.

Notably, the rising inexperienced bars replicate rising leverage demand and bettering confidence. Merchants are exhibiting a willingness to cross the unfold to take lengthy positions.

Supply: CryptoQuant

That often displays expectations of upper costs, not short-term noise. On the similar time, value motion stays capped. SOL continues to face resistance close to $144, confirming that sellers nonetheless defend this zone.

Nonetheless, persistence is the important thing sign. If the taker’s shopping for stays dominant and OI holds with out sharp liquidations, stress will proceed to construct. Liquidity thins above resistance.

In consequence, optimism stays justified. Sustained inexperienced CVD might unlock a breakout. If it does, momentum could carry SOL towards the $190-$200 zone, aligning leverage intent with value growth.

OI development outpaces value, hinting at…

On the time of writing, the OI‑Weighted Funding Price confirmed recurring inexperienced spikes. This indicators that merchants are opening new lengthy positions reasonably than merely reacting to liquidations.

In the meantime, OI has climbed to $8 billion, effectively above the decrease ranges seen in 2025, whereas value has stabilized within the $140–143 vary, notably larger than the $120–130 zone.

These spikes are largely pushed by leveraged merchants and funds as volatility settles. 

Supply: CoinGlass

The regular funding alongside steady costs means that accumulation is going down with out the danger of overcrowding. Importantly, the value has not surged violently.

This restraint signifies that lengthy positions are being absorbed with out triggering aggressive squeezes.

For sustainability, two situations are essential: Funding Charges should stay constructive however managed, and OI must be maintained with out sparking cascading liquidations.

When these situations maintain, leverage helps the market construction reasonably than destabilizing it.

General, the setup factors to constructive positioning. New longs are progressively constructing publicity, and the market displays confidence with out tipping into euphoria, retaining the upside case intact.

Remaining Ideas

• Solana’s derivatives momentum is strengthening, as perps quantity, taker demand, and open curiosity flip supportive.
• Value compression under $144 with rising leverage hints at a breakout, retaining the $190 – $200 zone in focus.