Solana (SOL) trades comfortably above the $200 psychological level on Wednesday, extending weekly gains to around 6%. Optimism around the token has strengthened after DeFi Development Corp acquired over 104,000 SOL and open interest in Solana futures reached an all-time high of $14.68 billion.
DeFi development corp boosts holdings
Data from Arkham Intelligence shows that DeFi Development Corp (DFDV), a NASDAQ-listed Solana treasury firm, purchased 104,379 SOL worth more than $22 million on Tuesday. The acquisitions were executed in two on-chain transactions—60,000 SOL via Bitgo and 40,379 SOL via Kraken. Following the purchases, DFDV moved 96,868 SOL into Fireblocks’ custody. The company now holds a total of 192,462 SOL valued at over $42 million.
Open interest signals bullish sentiment
The surge in Solana’s open interest highlights improving sentiment in the crypto market. According to CoinGlass, SOL open interest has climbed over 8% in the last 24 hours, hitting a record $14.68 billion. Trading volumes remain firm at $25.19 billion. Liquidation data shows $10.38 million in short liquidations compared with $6.97 million in long liquidations, signaling that bearish traders are being squeezed as risk appetite strengthens.
Technical outlook: SOL eyes $252 breakout
Solana is trading near an eight-month high, up more than 0.50% intraday after Tuesday’s 1.45% rise. The token faces resistance at the 61.8% Fibonacci retracement level of $219, derived from the $295 January high to the $95 April low. A decisive break above this level could trigger a rally toward the 78.6% retracement at $252.
Momentum indicators support the bullish outlook: the MACD crossed above its signal line on Monday, confirming trend reversal signals, while the RSI at 61 has bounced higher, leaving room before reaching overbought territory at 70. On the downside, a rejection from $219 could push SOL back toward the 50% retracement at $195.
