The open interest for Solana (SOL) futures has decreased significantly, dropping by 30% to $1.90 billion as of Thursday from $2.75 billion on May 11. This decline reflects a lack of confidence among traders, with SOL's price hovering around $80, raising concerns about a potential new low of $68.
Investor sentiment appears to be weakening, as evidenced by the neutral funding rates, which remained near -0.005. Despite the price drop, traders have refrained from making aggressive bets. In contrast, spot market activity has shown resilience, with a cumulative volume delta (CVD) of $350 million since March, indicating steady demand as buyers absorb supply.
Moreover, Solana exchange-traded funds (ETFs) experienced strong inflows of $113 million in May, marking the highest monthly total for 2026. This trend suggests that while futures markets face increased sell-side pressure, spot buyers are gradually increasing their positions, highlighting a divergence in market behavior.