Why is Solana (SOL) price up today?

Solana gains 8% to $152, with 35% higher trading volume and a 5% rise in futures open interest, showing strong demand.
Solana’s TVL up 25% in 30 days, DEX volumes soar 90%, led by Sanctum, Raydium, and others.
A V-shaped recovery eyes $250 if SOL price breaks $160-$200 resistance.
Solana displayed strength on May 1, climbing 8% from its April 30 low of $140 to around $152 at the time of writing. Its daily trading volume has jumped by 35% over the last 24 hours.
Rising futures OI boosts SOL price
An increase in open long positions in the futures market preceded SOL’s rally above $150 today.
SOL futures open interest climbed 5% over the last 30 days to 38.7 million SOL on May 1. In dollar terms, this represents $5.86 billion in futures positions, ranking third in the cryptocurrency market and over 50% higher than the demand for XRP derivatives.
Also backing Solana’s upside are positive funding rates in its perpetual futures markets. Funding rates represent the periodic payments exchanged between long and short positions. This metric has flipped positive from -0.005% on April 30 to 0.007% at the time of writing.
Increasing OI and positive funding rates mean more capital is entering the market, which can boost the price increase as buying pressure builds up.
Solana onchain activity is back
Solana ranks as the second-largest layer-1 blockchain with more than $8 billion in total value locked (TVL) on the network, according to data from DefiLlama.
The chart below shows that Solana’s TVL has increased by approximately 25% over the last 30 days.
Sanctum was among the strongest performers in Solana deposits, with the TVL rising 40% over the last 30 days. Other notable increases included Kamino (24%), Jito (20%), and Jupiter (19%).
Solana’s daily DEX volumes have increased by more than 90% since April 11 to $3.14 billion. Solana led the past week with $21.6 billion in decentralized exchange activity, surpassing the entire Ethereum layer-2 ecosystem.
High performers within the Solana network include a 63% weekly increase in Raydium’s volumes and a 40% rise in Lifinity activity.
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