- Solana CME futures hit a record 1.75M contracts as institutions aggressively reposition during sharp price corrections to $75–$80.
- Elliott Wave analysis shows SOL completing a five-wave pattern with a corrective phase targeting deeper support levels near $116.81.
- Institutional trading volume closely mirrors SOL price swings, indicating strong derivative market influence on short-term price direction.
Solana’s CME futures volume soared to an all-time high of 1.75 million contracts, signaling intensified institutional interest. This historic surge came as SOL rebounded toward $145. Glassnode data confirms that the volume spike reflects repositioning amid ongoing market volatility. Notably, trading activity between April 19 and June 22 closely aligned with price shifts ranging from $100 to $200. Institutions appeared to ramp up exposure as Solana entered key technical zones.
Source: Glassnode
Institutional Momentum Builds in Derivatives
In late April, daily CME volumes mostly stayed under 400,000 contracts. SOL traded between $100 and $110 during this early phase. By early May, volumes picked up, with frequent trades near 350,000 contracts. During this time, SOL began climbing from $100 to around $120.
Mid-May futures volume spiked to nearly 900,000 contracts as SOL broke past $130. This period coincided with price testing the $140 zone. Late May then brought explosive activity, with several sessions exceeding 850,000 contracts. SOL surged to $150–$160, accompanied by strong institutional engagement.
Early June saw cooling momentum. Volume dropped to 200,000–400,000 contracts as SOL corrected to $120–$130. Still, mid-June witnessed a modest recovery, with volumes rising to 600,000 contracts. The final days of the period delivered the historic 1.75 million volume spike. Interestingly, this came as SOL dipped to $75–$80, showing institutions aggressively repositioning.
Elliott Wave Patterns Indicate Ongoing Correction
Meanwhile, technical analysis by analyst Man of Bitcoin shows a completed five-wave impulse sequence. Wave 3 hit resistance at $148.71, while wave 5 concluded near $139.85. The current price hovers close to the 0.618 Fibonacci level at $139.73.
Source: Man of Bitcoin
A corrective ABC wave appears to be unfolding. Wave A dropped from $191 to $124, followed by a wave B rally toward $167. Wave C now targets lower zones, possibly reaching $116.81. Support lies at $129.14 and $121.34, while resistance holds at $148.71 and $167.84. Additionally, trading volumes align with wave movements, SOL may face continued volatility as price action tests support boundaries.
