Solana Futures Crash 30%: Is SOL Headed Back to $68?

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• SOL futures open interest fell 30% in May as traders reduced leveraged exposure.
  
• Spot buyers and ETF inflows continue supporting Solana despite futures weakness.
  
• A breakdown below $80 could send SOL toward the yearly low near $68.

Solana’s native token SOL is facing growing pressure in derivatives markets as traders continue reducing leveraged exposure across major crypto exchanges. Futures open interest tied to SOL fell sharply throughout May, signaling weaker speculative appetite even as spot buyers quietly stepped in.

Data from the past month shows SOL futures open interest dropped from $2.75 billion on May 11 to roughly $1.90 billion by Thursday, marking a 30% decline. At the same time, funding rates remained mostly neutral, suggesting traders are not aggressively betting on either a major rebound or a deeper collapse.

The shift reflects a market that is becoming more cautious after SOL struggled to reclaim higher resistance levels.

Futures Traders Turn Defensive

The latest futures data points to increasing sell-side pressure in leveraged markets. Stablecoin-margined futures cumulative volume delta (CVD), a metric tracking buying and selling activity, fell to its weakest level of the year at negative $13 billion.

That trend highlights stronger selling momentum from derivatives traders as SOL drifted back toward the $80 range.

Despite the weakness, funding rates remained close to flat, showing that bearish sentiment has not yet turned extreme. Instead of panic selling, the market appears to be witnessing a gradual reduction in leveraged risk exposure.

Some analysts believe this is a sign traders are waiting for clearer direction before placing larger bets.

Spot Demand and ETF Inflows Offer Support

While futures traders pulled back, spot market activity remained relatively stable. Spot CVD climbed to $350 million since March, suggesting buyers continue absorbing supply on exchanges.

Another supportive factor has been the steady inflow into spot Solana exchange-traded funds. SOL ETFs reportedly attracted $113 million in net inflows during May, the strongest monthly total recorded in 2026 so far.

The divergence between futures weakness and spot accumulation often signals declining speculation rather than outright fear in the market. Long-term investors may still view current price levels as attractive despite near-term uncertainty.

SOL Risks Retesting Yearly Lows

From a technical perspective, SOL remains trapped inside a broad trading range between $80 and $95. The token revisited the lower end of that range after failing to break resistance earlier this week.

If SOL loses the $80 support level decisively, traders may begin targeting the yearly low near $68. Liquidation heat maps show more than $800 million in leveraged long positions clustered around that zone, increasing the risk of volatility if prices continue falling.

Several crypto market commentators have also warned that Solana’s chart structure remains weak compared to other large-cap assets. Some traders are already positioning bids around the mid-$60 range in anticipation of a possible deeper correction.

For now, SOL’s short-term direction may depend on whether spot buyers can continue offsetting the weakness seen in futures markets.

Also Read: Hyperliquid Flips Solana in $54B Shock Move — Is This the New Crypto Leader?

Solana’s futures market has cooled significantly in May, reflecting reduced speculative activity and rising caution among leveraged traders. However, steady spot demand and growing ETF inflows suggest investors have not abandoned the asset entirely. With SOL hovering near critical support, the coming weeks could determine whether buyers regain control or whether the token slides toward new yearly lows.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.