SOL Surges 10% to $85 on US-Iran Ceasefire News

The Solana cryptocurrency's SOL token surged about 10 percent over the past five days, reaching a three-week high near $85 on Friday, driven by improved global risk appetite following announcements of an extended ceasefire between the United States and Iran.

The rally came as Brent crude oil prices fell 8 percent on the news, easing geopolitical tensions and encouraging investment in high-risk assets like cryptocurrencies. SOL, which had traded below $80 earlier in the month amid heightened Middle East conflicts, climbed steadily from around $77 at the start of the period. Market data shows the token changing hands in the $84 to $85 range by Friday's close, with traders eyeing the $100 level as a key psychological barrier.

Open interest in SOL futures contracts rose sharply, expanding from $3.5 billion at the beginning of the week to $4.2 billion by Friday, a 20 percent increase that reflects growing participation from both institutional and retail investors. However, the annualized funding rate for perpetual futures held steady at around 3 percent, below the typical 5 to 10 percent neutral range. This suggests cautious optimism among buyers, with leverage demand remaining...