en.bitcoinsistemi.com
Grayscale, one of the world's largest asset managers, has taken an important step by applying for a spot Solana ETF.
While Solana ETFs are expected to receive approval under the Trump administration in the long term, cryptocurrency analysis platform Matrixport said it expects $SOL to see a price correction with a high funding rate.
In his daily analysis shared on his Matrixport X account, he wrote that Solana ($SOL) has currently reached an annualized funding rate of up to 70%, putting tremendous pressure on margin traders who have created long $SOL positions.
Citing historical data on this point, Matrixport analysts said that such funding rate levels are often associated with price corrections.
Analysts warned investors that they expect a correction in Solana's price based on funding levels.
Matrixport recently recalled that the $SOL/$USDT pair experienced a correction after reaching a similar funding rate in March.
“Solana’s funding rate is unusually high at 70% per annum, which has a negative impact on leveraged long positions.
“Historically, such high funding rates have been associated with corrections. In March, $SOL-$USDT prices experienced a correction under similar conditions.”
https://twitter.com/Matrixport_EN/status/1864204238689014015
*Not investment advice.