Rich by Coin

Solana’s SOL trading activity is picking up, but the pace may be entirely from derivatives markets.
In the last 24 hours alone, perpetual futures volume went up to $2.13 billion – its highest level in seven weeks!
Notably, GM Trade accounted for $1.31 billion of that total, a notable concentration of activity.
The spike in perps volume is essentially a return of leveraged traders positioning around Solana.

With over 60% of the total volume coming from a single venue (GM Trade), the move is mostly institutional-scale.
Solana’s retail participation indicators have remained largely neutral throughout the past week.
There has been little to no meaningful transition into “many retail” or “too many retail” zones.
Trading frequency has stayed flat.

It can be inferred that retail traders are not chasing the move.
This is a big change from the usual situation, where a hike in activity accompanies price strength.
Solana’s RWA ecosystem has expanded quick, with total tokenized assets rising nearly 64% to over $1.8 billion.
This, alongside a record $465 million in active DeFi TVL.

All this put together is a clear indicator of a derivatives-led market phase.
Leveraged players are fueling significant activity, while spot demand sits aside.
Spot volume expansion will be the key trigger to watch for sustained growth.
Solana’s derivatives volume hit a 7-week high, but spot retail demand remains weak.