Solana news: Solana Open Interest Drops 30% as $68 Support Level Returns to Focus
Solana Futures See Significant Decline in Open Interest
In May, Solana (SOL) futures experienced a notable 30% drop in open interest, falling from $2.75 billion to $1.90 billion. This reduction reflects a broad decrease in leveraged trading activity across major exchanges. Funding rates remained close to neutral, indicating balanced sentiment between long and short positions.
Spot Demand Remains Steady
Despite the decline in futures, spot demand for SOL has shown resilience. Spot cumulative volume delta (CVD) improved to $350 million since March, suggesting that buyers continue to absorb supply on spot exchanges. Additionally, SOL exchange-traded funds (ETFs) saw net inflows of $113 million in May, the highest monthly total for 2026 so far.
Market Sentiment and Key Support Levels
The divergence between futures selling and steady spot accumulation points to reduced speculative appetite rather than panic selling. The SOL price recently revisited the lower boundary of its trading range, with significant leveraged positions clustered near the $68 support level. If downside pressure increases, this area could become a key liquidity pocket.
Analyst Perspectives
Market commentators have noted that SOL remains in a downtrend and lacks strong support below $80. Some traders have placed bids near $67, aligning with the yearly low and the largest cluster of leveraged liquidations.
Why This Matters for the UK Solana Community
The shift from leveraged futures to spot accumulation reflects a maturing market, relevant for UK traders and investors seeking stability. The continued inflows into SOL ETFs may also indicate growing institutional interest, which could influence future adoption and regulatory perspectives in the UK.
- 30% drop in SOL futures open interest
- Spot demand and ETF inflows remain strong
- Key support level at $68 under watch
This article does not constitute investment advice. Please conduct independent research before making financial decisions.
