Solana up 6.5 percent as bitFlyer lists SOL in Japan

Japan’s leading cryptocurrency exchange bitFlyer has announced plans to enable trading for Solana (SOL). According to the Tokyo-based platform’s statement, SOL will become available for trading on June 24. This move will grant Solana, already among the world’s top crypto assets by market capitalization, broader access to one of the most critical digital asset markets globally: Japan.

bitFlyer’s official announcement

In its statement, bitFlyer emphasized that users will be able to buy and sell SOL easily through the exchange. The company described Solana as a blockchain that operates with a Proof of Stake consensus mechanism, reinforced by a unique Proof of History technology, which enables higher transaction throughput. The announcement also highlighted that Solana’s fast and low-cost network structure makes it an optimal foundation for diverse applications.

Founded in 2014, bitFlyer is one of the largest crypto exchanges in Japan. This upcoming listing is seen as a significant development, further expanding Solana’s reach among Japanese investors.

Price gains and cautious derivatives data

Solana’s price has climbed in the past 24 hours, mirroring the general recovery seen across the crypto market. Bitcoin’s rise above $65,000 during the same period has set a supportive backdrop for the broader market. Analysts suggest that much of this upward movement may be tied to the closing of short positions.

SOL gained 6.48 percent in the last 24 hours, reaching around $73. Its weekly performance stands at approximately 10 percent. These price movements appear driven not only by spot market interest but also by liquidations of positions in the derivatives market.

Open interest in futures contracts has also risen. Reports indicate that Solana’s total open interest jumped by roughly 10 percent in the past 24 hours, reaching $42.02 billion. Despite this, the funding rate—the regular payment made between long and short holders in perpetual futures—has remained negative.

Mini glossary: The funding rate refers to the payments made at intervals between long and short positions in perpetual futures markets. A negative rate generally indicates that short sellers are dominant, or that the market is proceeding with caution.

The rise in open positions despite a negative funding rate suggests that market participants remain divided on direction. While this raises questions about the sustainability of Solana’s recent gains, the bitFlyer listing could open new channels for the asset’s visibility and liquidity in Japan.

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