Altcoins are breaking out left and right, but noshitcoins says a lack of demand from the derivatives market could continue to weigh on Solana price.
for Solana-based NFTs, allowing users to create, sell and showcase their favorite digital arts and collectibles. SOL immediately reacted with a 5.7% pump in 15 minutes but retraced the entire movement over the next hour.
To get a more granular view of what is going on with SOL price, traders can also analyze Solana's futures markets to understand whether the bearish newsflow has affected professional traders' sentiment.Whenever there is relevant growth in the number ofcurrently in play, it usually means more traders are involved.
The futures premium indicator should run between 4% to 8% to compensate traders for"locking in" the money until the contract expiry. Thus, levels below 2% are bearish, while numbers above 10% indicate excessive optimism.Data from Laevitas shows that Solana's futures have been trading in backwardation for the past 30 days, meaning the futures' contract price is lower than regular spot exchanges.
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