SOL’s 30% Open Interest Drop Puts $68 Back In Focus
Solana futures open interest fell 30% in May as SOL slipped near $80, keeping a retest of $68 in play.
Intelligence analysis by GPT-5.4 Mini
Derivatives traders cut exposure in May, but spot buyers and SOL ETF inflows stayed supportive. That split leaves $80 as the immediate floor and $68 as the downside level to watch.
Solana is stuck in a narrow hallway between two prices. If it stays above the bottom wall at $80, things may calm down.
A lot of traders who borrow money to bet on price moves have been leaving. That can make the market feel weaker.
But regular buyers are still showing up, and money is still going into Solana funds. If the floor breaks, the next big stop could be $68, like a ball rolling down to the next shelf.
Analysis
Derivatives pressure is fading risk appetite
Solana futures open interest fell to $1.90 billion on Thursday from $2.75 billion on May 11, a 30% drop in May. Funding rates stayed close to neutral, which suggests traders did not pile into a strong one-way bet even as the price weakened toward $80. The article frames this as a sign that leveraged traders are stepping back rather than aggressively buying the dip.
Spot demand is steadier than futures
The report says futures sell-side pressure intensified through May, with aggregated stablecoin-margined futures CVD falling to a yearly low of -$13 billion. Spot behavior looked different: spot CVD improved to $350 million since March, implying buyers continued absorbing supply on spot exchanges. Cointelegraph also notes that SOL ETF net inflows reached $113 million in May, the strongest monthly total for 2026.
The chart points to $80 first, then $68
SOL is described as trading inside a broad $80 to $95 range after a 42% Q1 drop. After another rejection near resistance, price returned to the lower end of that band. The article says a break below $80 would put the yearly low near $68 back in focus. It also points to more than $800 million in cumulative long leverage clustered near that level, making it a key liquidity zone if selling accelerates. Two market commentators cited in the piece, Cold Blooded Shiller and Zoe, both pointed to weak support below the current range and bids near the high-$60s.
Key points
- Solana futures open interest dropped 30% in May, from $2.75 billion to $1.90 billion.
- Funding rates stayed near neutral, showing no aggressive long or short buildup.
- Spot demand looked steadier, with spot CVD improving and May SOL ETF inflows reaching $113 million.
- SOL is trading in an $80 to $95 range, and a break below $80 could expose the yearly low near $68.
- More than $800 million in long leverage is clustered near the $68 zone.
