{"id":83082,"date":"2026-05-29T09:06:18","date_gmt":"2026-05-29T02:06:18","guid":{"rendered":"https:\/\/hbbgroup.net\/solana-open-interest-drops-30-as-altcoins-slump-is-68-sol-next\/"},"modified":"2026-05-29T09:06:18","modified_gmt":"2026-05-29T02:06:18","slug":"solana-open-interest-drops-30-as-altcoins-slump-is-68-sol-next","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/solana-open-interest-drops-30-as-altcoins-slump-is-68-sol-next\/","title":{"rendered":"Solana open interest drops 30% as altcoins slump: Is $68 SOL next?"},"content":{"rendered":"
\n

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.\u00a0<\/p>\n

SOL spot demand offsets futures market weakness<\/h2>\n

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.<\/p>\n

<\/figure>\n

SOL price, aggregated open interest, and funding rate. Source: velo chart<\/em><\/p>\n

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.<\/p>\n

<\/figure>\n

BTC price, aggregated spot and futures CVD. Source: Coinalyze\u00a0<\/em><\/p>\n

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.\u00a0<\/p>\n

The positive flows into spot SOL exchange-traded funds (ETFs) added<\/span><\/a> to that trend. The monthly net inflows reached $113 million in May, marking the strongest monthly total for SOL ETFs in 2026.<\/p>\n

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.<\/p>\n

<\/figure>\n

Spot SOL ETF netflows. Source: SoSoValue<\/em><\/p><\/blockquote>\n

Related: Three key XRP metrics suggest \u2018explosive price expansion\u2019 is next<\/strong><\/em><\/span><\/a><\/p>\n

SOL retests the $80 price floor of a three-month range<\/h2>\n

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.<\/p>\n

<\/figure>\n

SOL\/USD, one-day chart. Source: Cointelegraph\/TradingView<\/em><\/p>\n

A move below $80 places focus on the yearly low near $68. The liquidation heat maps show<\/span><\/a> more than $800 million in cumulative long leverage sitting near that zone, making it an important liquidity pocket if downside pressure increases.<\/p>\n

Crypto trader Cold Blooded Shiller described<\/span><\/a> 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.<\/p>\n

Crypto commentator Zoe also placed<\/span><\/a> bids near $67, closely aligning with the yearly low and the largest cluster of leveraged liquidations identified on the open leveraged positions heatmap.\u00a0<\/p>\n

<\/figure>\n

SOL liquidation map. Source: CoinGlass<\/em><\/p>\n

Related: HYPE chases new highs as ETF inflows, institutional adoption accelerate<\/strong><\/em><\/span><\/a><\/p>\n<\/div>\n

This article is produced in accordance with Cointelegraph’s Editorial Policy<\/a> and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.<\/p>","protected":false},"excerpt":{"rendered":"

Solana (SOL) futures dropped sharply in May as traders reduced leveraged exposure across all exchanges. SOL open interest (OI) dropped […]<\/p>","protected":false},"author":5,"featured_media":83083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-83082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/83082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=83082"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/83082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/83083"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=83082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=83082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=83082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}