Despite a 10% gain in the value of SOL over five days, the cryptocurrency has still lagged behind its competitors by 13% this year. On Friday, the price of Solana's native token reached a three-week peak, driven by optimism surrounding a ceasefire extension between the US and Iran, which also contributed to an 8% drop in crude oil prices.
The surge in SOL futures led to a significant increase in open interest, rising from $3.5 billion on Sunday to $4.2 billion by Friday. This 20% increase suggests heightened interest from institutional investors, although the balance between buyers and sellers remains stable. The current annualized funding rate for SOL futures sits at 3%, indicating a level of uncertainty among bullish traders.
While the Solana network continues to lead in decentralized exchange volume and total value locked, the overall demand for decentralized applications has diminished, resulting in weekly DApp revenues of nearly $16 million. This decline reflects a broader trend across the industry, with Ethereum and BNB Chain reporting $10 million and $4 million, respectively, in similar revenues.