dYdX Adds Solana Spot Trading and Expands into US Market
dYdX has launched SOL spot trading on its exchange and opened services to users in the United States, marking a strategic expansion from derivatives into spot markets. The rollout introduces Solana spot pairs, aims to deepen order books and increase on‑chain activity for SOL, and is accompanied by a US market reopening that broadens the platform’s addressable user base. To attract US traders, dYdX is waiving trading fees for December. The exchange highlights its long-term growth: over $1.5 trillion in cumulative volume since launch and a roadmap focused on market access, liquidity, and advanced trading tools while preserving decentralization and self‑custody. Market context matters: derivatives positioning on Solana shows heavy leverage clustered near the $147 resistance (Coinglass data: roughly $667M of leverage, with shorts >$1B and longs ≈$692M). A break above $147 could force a short squeeze toward ~$200, while downside support sits near $125 and the $100 psychological level. Traders should expect short‑term volatility as liquidity redistributes across venues and monitor leverage and order‑book depth; longer term, US availability and added spot liquidity may increase SOL trading volumes and market participation.
Bullish
Opening SOL spot trading on dYdX and re‑entering the US market increases accessibility and potential demand for SOL. New spot pairs and waived fees for December lower trading frictions, which should boost order‑book depth and on‑chain activity. These factors are bullish for SOL because increased spot liquidity and a larger user base (including US traders and institutions) tend to support price appreciation over time. However, near‑term price action may be volatile: existing concentrated leverage around the $147 resistance introduces short‑squeeze risk if SOL breaks higher, which could amplify upside quickly, while a failure to break that level leaves SOL vulnerable to downside toward $125–$100. In sum, the structural change (more spot access and US users) is positive for SOL liquidity and demand — a bullish medium‑to‑long‑term signal — but traders should manage short‑term risk from leveraged positions and potential liquidity shifts.