Solana open interest drops 30% as altcoins slump: Is $68 SOL next?

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

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.