Solana Surpasses Ethereum in Perpetual Volume – Is a $190 Surge Incoming?

SOL overtakes ETH in derivatives - is market leadership shifting?

In a surprising turn of events, Solana [SOL] has managed to surpass Ethereum [ETH] in perpetual futures volume. Over the last day, Solana recorded $1.548 billion in trading volume, just edging past Ethereum’s $1.523 billion. While this gap may seem minor, it signifies a shift in trader preferences for short-term, leveraged positions.

Key Takeaways:

Solana overtook Ethereum in 24-hour perpetual futures volume, raising interest among traders.
Ethereum still leads in longer-term trading volume, but Solana's open interest is higher, indicating a stronger capital commitment in SOL derivatives.
Continued buying pressure could pave the way for a price breakout, with a target zone of $190-$200.

Solana's momentum is driven by its quicker transaction execution, lower fees, and significant price fluctuations. These factors are attracting more trading activity towards SOL compared to ETH.

Source: DefiLlama

Solana’s Resistance at $144

As of now, the 90-day Futures Taker Cumulative Volume Delta (CVD) has shifted positively, indicating a growing number of buyer orders compared to sell orders. This is a sign that aggressive buyers are entering the market.

This trend is often seen when a market absorbs supply without significant price increases, resembling a “coiled spring” that is ready to release. The increasing green bars on the CVD chart suggest rising demand for leveraged positions as traders express confidence in future price increases.

However, Solana still faces resistance near the $144 level, where sellers remain active. The situation requires persistence; if the buying pressure continues and open interest remains stable, this could lead to a breakout. There is a potential for SOL to rise into the $190-$200 range, aligning trader intentions with price growth.

Open Interest Growth Indicates Positive Market Sentiment

Currently, the Open Interest (OI)-Weighted Funding Rate is showing frequent spikes in green, indicating that traders are opening new long positions rather than merely responding to liquidations. The OI has surged to $8 billion, significantly above the lower levels experienced in 2025, while the price has stabilized between $140 and $143—higher than the previous range of $120 to $130.

The strong investment interest alongside stable pricing hints at ongoing accumulation without the immediate risk of a bottleneck. This cautious approach signifies that long positions are being absorbed without invoking significant liquidation events.

For the stability of this situation, two key conditions must be met: the funding rates should remain positive but manageable, and open interest must be sustained without triggering mass liquidations. If these conditions continue to hold, leverage will bolster rather than destabilize market structure.

Overall, the current setup suggests a strong positioning in the market, with new long positions being established gradually. The market demonstrates confidence without veering into overly speculative territory, maintaining optimism for a bullish scenario ahead.

Conclusion

In summary, the rise of Solana over Ethereum in perps volume highlights a shifting landscape in crypto trading. Both the short-term focus on SOL and the growing open interest indicate potential for upward movement in the future. Traders remain hopeful for a price breakout, with targets suggesting notable gains.