Solana Open Interest Drops 30%, Fueling Concern Over $68 Retest

Sentiment in the Solana futures market is cooling quickly. Open interest has fallen about 30% this month, and traders are watching whether SOL could slide back to its yearly low near $68.

Cointelegraph reported on May 29 that open interest in Solana futures fell to $1.9 billion from $2.75 billion on May 11. That means more than 30% was erased in about two weeks. Funding rates held around -0.005, indicating there has been no extreme tilt toward short positions, but leveraged traders appear to be cutting market exposure quickly.

Cumulative volume delta, or CVD, in stablecoin-margined Solana futures fell to -$13 billion, the lowest level this year. That suggests sell orders continued to dominate the futures market. Spot-market flows, by contrast, were relatively stable. Spot CVD recovered to about $350 million from March, while spot SOL ETFs recorded $113 million of net inflows in May.

Traders are treating the move as a pullback in speculative leverage rather than panic selling. As leveraged investors reduce positions, spot buyers appear to be stepping in on weakness.

Technically, SOL has traded in an $80 to $95 range over the past three months. It recently failed to break through resistance near $95 and has since retreated toward support at $80. A break below that level would raise the chances of a retest of the yearly low at $68.

On-chain liquidation data show about $800 million of leveraged long positions are concentrated near $68. Crypto trader Cold Blooded Shiller wrote on X that SOL has been in a downtrend since October last year and that there is little meaningful support below the current price.

Crypto analyst Zoe also wrote that buy orders had been placed near $67. That area overlaps with the yearly low and a zone where large-scale long liquidations are expected.