Nearly 79% of Solana futures traders on Binance are long. On-chain data reveals a potential shift after months of deleveraging.
This figure translates to a long/short ratio of 3.72, suggesting traders are more than three times as likely to bet on upside than downside.For example, on the 21st of March, Bitcoin Futures showed a Long/Short Ratio of 2.05. But by the 24th of March, that had dropped to 1.71, marking a 16.6% decline.This bullish positioning is occurring just as Open Interest in Solana Futures appears to be bottoming after months of decline.
From October 2024 to January 2025, Solana’s daily network fees surged by 3,453%, reaching $35.53 million in late January. Revenue rose in parallel, peaking at $17.77 million.Since then, network activity has cratered. As of the 25th of March, daily fees are down to $1.28 million, a 96.5% decrease from January highs.This indicates that Solana users are transacting more frequently, contributing to higher throughput and potentially higher per-user efficiency.
Market cap dominance also fell from 70.44% to 34.93% in that timeframe. These figures indicate slower momentum.
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