Solana futures open interest dropped 30% during May, signaling a sharp retreat in trader appetite for the digital asset. The price of Solana has weakened alongside that pullback, now hovering near $80 after shedding roughly 5% over the past week. Analysts tracking the derivatives data warn that the token could be headed for new lows, with some chart patterns pointing to a potential slide to $68.
Futures Market Activity Dries Up
Open interest — the total value of outstanding futures contracts — fell by nearly a third last month. The move suggests traders are closing positions rather than adding new ones, a common signal of waning conviction in the near-term direction of the market. The decline was not tied to a single exchange or product type; it was broad across the Solana futures ecosystem.
When open interest shrinks this quickly, it often reduces the amount of leveraged speculation in the market. That can lead to lower volatility, but also makes the spot price more vulnerable to sudden moves if a large holder decides to sell.
Price Nears Key Support Level
Solana is trading just above the psychologically important $80 mark. That level has acted as both support and resistance in recent months. A break below it would open the door to the next major floor around $68, a price first set in late 2023 and revisited several times since.
The current slide mirrors a broader cooling in the cryptocurrency sector, but Solana’s losses have been steeper than many of its peers. The token is down roughly 20% from its April highs, while Bitcoin has shed about 10% over the same period.
For now, traders are watching to see whether $80 holds. If it doesn’t, the next test will come fast — and the futures data suggests there isn’t much appetite to buy the dip.
