Solana (SOL) atteint un $216 all-time high on Sept. 9 after rallying 508% since Aug. The bull run caused some analysts to project a $500 target which would translate to a $150 milliards de capitalisation boursière.

It is worth noting that during SOL’s rally, the Ethereum network’s average transaction fee had surpassed $40. Surging interest in the NFT market accelerated investorstransition to Solana, which was boosted by FTX’s NFT marketplace launch on Sept. 6.

Solana, avalanche, and Cosmos price at Binance. La source: TradingView

The above chart shows SOL’s two-month performance compared to Avalanche (AVAX) et Cosmos (ATOME). Both are fighting for the same decentralized application user-base and offer faster and cheaper transactions compared to Ethereum (ETH).

Major players in the industry also invested in Solana’s ecosystem due to its potential against Ethereum. En juin, Andreessen Horowitz and Polychain Capital led a $314-million funding round in Solana Labs, which was also funded by venture capital firm Andreessen Horowitz, Polychain Capital and Alameda Research.

Is Solana’s outage weighing on SOL price?

At SALT Conference 2021, Solana founder and CEO Anatoly Yakovenko told Cointelegraph that the networkis optimized for a specific use case: online central limit order book, a trading method used by exchanges that matches bids with offers. It was designed for market makers who need to submit millions of transactions per day.

Yakovenko then added: “There are Pareto efficiency tradeoffs. If I optimize for hash power security, that means I can’t have a lot of TPS. You have to pick one or the other.

Avec curiosité, le septembre. 14, the Solana network experienced an outage that lasted over 12 heures. The team explained that a large increase in transaction load to 400,000 per second had overwhelmed the network, creating a denial-of-service that caused validators to start forking.

Solana futures aggregate open interest. La source: Bybt.com

Despite the recent setback, Solana futures markets aggregate open interest sits at $1 milliard, une 640% increase in two months. This figure makes Solana’s derivatives market the third largest, behind Bitcoin (BTC) et éther. This data confirms investorsinterest, but it can’t be deemed bullish because futures buyers (longs) et vendeurs (shorts) sont appariés à tout moment.

Derivatives markets point toward a balanced situation

To answer this question, one must analyze the funding rate. Contrats perpétuels, également connu sous le nom de swaps inverses, have an embedded rate usually charged every eight hours. This fee ensures there are no exchange risk imbalances. A positive funding rate indicates that longs (acheteurs) sont ceux qui demandent le plus d'effet de levier.

toutefois, the opposite situation occurs when shorts (les vendeurs) require additional leverage, and this causes the funding rate to turn negative.

Solana perpetual futures 8-hour funding rate. La source: Bybt.com

Comme illustré ci-dessus, the eight-hour fee reached a 0.12% peak on Sept. 5, ce qui équivaut à 2.5% par semaine. This momentary spike seized rapidly as SOL faced extreme volatility on Sept. 7. Après avoir culminé à $195, the SOL price crashed by 35% within 9 hours and liquidated leveraged positions, leading to the current balance between the longs and shorts.

Data shows no evidence of investors rushing to add leveraged long positions despite the current $1 billion open interest. de plus, considering the 410% gain in the last two months, traders have reason to fear further downside because Bitcoin has also failed to break the $50,000 psychological barrier and it is yet to confirm if the recent sub-$40,000 dip was the short-term bottom.

Les vues et opinions exprimées ici sont uniquement celles de auteur et ne reflètent pas nécessairement les vues de Cointelegraph. Chaque mouvement d'investissement et de trading comporte des risques. Vous devez mener vos propres recherches lorsque vous prenez une décision.