Solana derivatives flip long for 83 straight days, yet SOL sits nearly 30% below peak

A record run of positive taker CVD raises the question of whether cash demand for SOL will follow.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Solana's perpetual futures are flipping the script in the crypto market. After a sluggish start to 2024, buyer enthusiasm has soared, marking the longest positive streak since the 2021 bull rally. However, spot prices lag behind, highlighting a notable gap between futures enthusiasm and actual market movement. With spot volumes rising, the disconnect between futures and spot prices raises a critical question: will sidelined spot buyers jump in to fuel a new rally, or could current conditions signal an impending shake-up... and what role does the psychological $200 level play in this unfolding drama?