Crypto Markets Update: Solana Derivatives Surge in Demand Ahead of Key U.S. Inflation Report

Open interest in Solana (SOL) futures surged to an all-time high of 63.84 million contracts as the token rallied to $217, its strongest level since February. The move came even as Solana’s Q2 application revenue fell 44% to $576.4M, highlighting a disconnect between trading enthusiasm and on-chain fundamentals.

Meanwhile, the broader crypto market retreated, with the CoinDesk 20 Index down 3.6% over 24 hours ahead of the U.S. core PCE inflation report. Analysts at Bitunix warned that a hotter reading could force the Federal Reserve to take a “one-and-done” approach to rate cuts.