Solana (SOL) futures dropped sharply in May as traders reduced leveraged exposure across all exchanges. SOL open interest (OI) dropped to $1.90 billion on Thursday from $2.75 billion on May 11, a 30% decline, while funding rates remained close to neutral. The combination points to weakening investor sentiment as SOL eyes a retest of its yearly low at $68.
SOL spot demand offsets futures market weakness
The aggregated funding rate for Solana futures held near -0.005, showing balanced positioning between longs and shorts. SOL traders have not built aggressive directional bets despite the recent price slide to $80.
SOL price, aggregated open interest, and funding rate. Source: velo chart
At the same time, the aggregated futures volume cumulative volume delta (CVD) for stablecoin-margined orders fell to a yearly low of -$13 billion. The CVD tracks whether buyers or sellers are more active over time. The decline signals stronger sell-side pressure in futures markets through May.
BTC price, aggregated spot and futures CVD. Source: Coinalyze
However, spot activity paints a steadier picture. Spot CVD has improved to $350 million since March, showing that buyers have continued to absorb supply on spot exchanges even as derivatives positioning has weakened.
The positive flows into spot SOL exchange-traded funds (ETFs) added to that trend. The monthly net inflows reached $113 million in May, marking the strongest monthly total for SOL ETFs in 2026.
The split between futures selling and steady spot accumulation often points to a lower level of speculative appetite rather than panic selling. This indicates that leveraged traders reduced risk exposure, while spot buyers continued to add positions gradually.
Spot SOL ETF netflows. Source: SoSoValue
Related: Three key XRP metrics suggest ‘explosive price expansion’ is next
SOL retests the $80 price floor of a three-month range
From a technical standpoint, SOL continues to trade inside a broad range between $80 and $95. The range formed after Solana fell 42% during Q1. The price returned to the lower boundary on Wednesday after another rejection near the resistance level.
SOL/USD, one-day chart. Source: Cointelegraph/TradingView
A move below $80 places focus on the yearly low near $68. The liquidation heat maps show more than $800 million in cumulative long leverage sitting near that zone, making it an important liquidity pocket if downside pressure increases.
Crypto trader Cold Blooded Shiller described SOL as one of the weaker large-cap charts in the market. In a post on X, the trader said SOL has been in a downtrend since October and lacks strong support below the current price level of $80.
Crypto commentator Zoe also placed bids near $67, closely aligning with the yearly low and the largest cluster of leveraged liquidations identified on the open leveraged positions heatmap.
SOL liquidation map. Source: CoinGlass
Related: HYPE chases new highs as ETF inflows, institutional adoption accelerate
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