Solana Approaches Crucial Trendline as Major Investors Accumulate $7.5B in Futures Contracts

Price Movement: Solana (SOL) experienced a 6% increase, reaching $142 on December 10, driven by significant trading activity in both spot and futures markets, with a total spot volume of approximately $6.3 billion.

Trading Activity: The surge in Solana's price coincided with a notable rise in derivatives trading, with futures open interest around $7.5 billion and decentralized exchanges handling about $1.13 billion in volume.

Technical Analysis: Solana is testing a descending trendline that has limited previous rallies, with current support between $145 and $150, and potential resistance levels identified at $165 and between $185 and $190.

Market Sentiment: The price action suggests a shift in market structure, as Solana forms higher lows and shows reduced selling pressure, indicating a possible breakout if it sustains above the downtrend.