Solana open interest drops 30%, SOL nears $68 low
Solana futures open interest fell 30% to $1.90 billion in May as traders cut leverage, pushing SOL back into the $80 range and putting its $68 yearly low in view.
Solana futures open interest declined 30% in May, falling from $2.75 billion on May 11 to $1.90 billion on Thursday as traders reduced leveraged positions across exchanges.
The aggregated funding rate for SOL futures stayed near -0.005, consistent with balanced long and short exposure. The cumulative volume delta for stablecoin-margined futures orders dropped to a yearly low of -$13 billion, reflecting heavier sell-side activity in derivatives through May.
Spot-market activity diverged from derivatives. Aggregated spot cumulative volume delta improved by about $350 million since March, indicating net buying on spot exchanges. Monthly net inflows into spot Solana exchange-traded funds reached $113 million in May, the largest monthly total for SOL ETFs this year.
Technically, SOL has traded inside a range between $80 and $95 following a 42% decline in the first quarter. The price returned to the lower boundary after a rejection near the upper resistance level.
A drop below $80 would put the yearly low near $68 into focus. Liquidation heat maps show more than $800 million in cumulative long leverage clustered around the $68 level.
Market commentators highlighted chart weakness. Trader Cold Blooded Shiller called Solana “one of the weaker large-cap charts,” citing a downtrend that began in October. Commentator Zoe placed bids near $67, aligning with the cluster of leveraged positions.
The decline in open interest, near-neutral funding rates and falling futures CVD contrasted with continued spot accumulation and ETF inflows. Exchange-level metrics showed inflows into spot ETFs alongside lower derivatives volume.
Market participants continue to monitor SOL price action and positioning data. The concentration of long leverage near $68 and the $80 support level are cited by traders assessing near-term downside risk and liquidity.
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