Solana Futures Open Interest Drops 30% as Traders Pull Back Risk

[kevin1]

Solana’s derivatives market is showing signs of caution as open interest across futures exchanges has fallen from $2.75 billion to $1.90 billion since May 11. The sharp decline suggests traders are reducing leveraged positions while SOL continues to trade near the lower end of its multi-month range.

Despite the drop in futures activity, funding rates have remained largely neutral, indicating that neither bulls nor bears have taken aggressive control of the market. This points more toward declining speculative appetite than panic selling, with traders choosing to reduce exposure rather than place large directional bets.

The weakness in futures markets comes as SOL hovers around the key $80 support level. A break below that range could shift attention toward the yearly low near $68, which many traders are closely watching as the next major support zone.

[etfs]

leveraged traders quietly leaving the market is one of the least dramatic but most important signals in crypto