As Solana (SOL) recovers back above $145, data shows the CME Futures Volume tied to the asset has surged to a new all-time high (ATH).
Here is the chart shared by Glassnode that shows the trend in the metric for CME over the last couple of months:
As displayed in the above graph, the Solana Futures Volume on CME has just observed a huge spike of 1.75 million contracts. This is the highest that the metric has ever been.
As such, it would appear that trading interest around SOL has shot up on the exchange. This could be particularly significant for the cryptocurrency, given that CME is a regulated platform that’s used by large entities like institutional traders.
“This surge suggests institutional investors are positioning aggressively as price rebounds to ~$145,” notes Glassnode. As for whether these positions correspond to bullish or bearish bets, volume data isn’t enough to say one way or another, just that there is significant activity occurring.
Considering that the spike in the CME Futures Volume has come as Solana has made some recovery, however, it’s possible that this could be investors trying to ride the bullish wave.
The Development Activity tells us, as its name already suggests, the amount of work that a cryptocurrency project’s developers are putting in on its public GitHub repositories.
The indicator gauges the work in terms of ‘events,’ where each event corresponds to some action taken by the developer on the repository, like pushing a commit, creating a pull request, or making a fork.
From the table, it’s apparent that Solana itself has topped the list, with its Development Activity standing at 100.93 over the past 30 days. Wormhole (W) and Pyth Network (PYTH) round the top three with metric values of 37.77 and 30.67, respectively.
Solana fell to a low of $126 on Sunday, but it seems the coin has made some notable recovery since then as its price is now back at $144.
