Solana (SOL) futures fell sharply in May as traders reduced their leverage exposure across all exchanges. SOL (OI) open interest fell to $1.90 billion on Thursday from $2.75 billion on May 11, a 30% decline, while funding rates remained near neutral. This combination indicates weakening investor confidence as SOL plans to retest its yearly low at $68.
SOL spot demand offsets futures market weakness
The overall Solana futures funding rate held close to -0.005, showing balanced positioning between long and short positions. SOL traders have not built aggressive directional bets despite the recent price decline to $80.
SOL price, aggregated open interest and funding rate. Source: cycling table
At the same time, the cumulative volume delta (CVD) of aggregate futures volume for margined stablecoin orders fell to a yearly low of -$13 billion. CVD tracks whether buyers or sellers are more active over time. This decline signals stronger selling pressure in the futures markets through May.
Aggregated BTC, CVD spot and futures prices. Source: Coinalyse
However, one-off activity paints a more stable picture. The spot CVD has improved to $350 million since March, showing that buyers continued to absorb supply on spot exchanges even as derivatives positioning weakened.
Positive flows flow into SOL spot exchange-traded funds (ETFs) added to this trend. Monthly net inflows reached $113 million in May, marking the highest monthly total for SOL ETFs in 2026.
The difference between forward selling and stable spot accumulation often indicates a lower level of speculative appetite than panic selling. This indicates that leveraged traders reduced their risk exposure, while spot buyers continued to gradually add positions.
Spot the net flows of SOL ETFs. Source: SoSoValue
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SOL retests $80 floor price over three-month range
From a technical perspective, SOL continues to trade in a wide range between $80 and $95. The range formed after Solana fell 42% during the first quarter. 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. Liquidation Heat Maps to show More than $800 million of cumulative long leverage lies near this area, making it a significant liquidity pocket if downward pressure increases.
Cryptocurrency Trader Cold Blooded Shiller describe SOL is one of the weakest large cap charts on the market. In an article on X, the trader said that SOL has been in a downtrend since October and lacks strong support below the current $80 price level.
Also crypto commentator Zoe put bids are approaching $67, closely matching the yearly low and largest group of leveraged liquidations identified on the heatmap of open leveraged positions.
SOL clearance card. Source: CoinGlass
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