Solana Price Faces Pressure as Futures Traders Pull Back

Solana is facing renewed pressure after futures open interest dropped sharply in May, signaling weaker confidence from leveraged traders as the broader altcoin market struggles.

Data shows Solana futures open interest declined by nearly 30%, falling from $2.75 billion on May 11 to around $1.90 billion by May 29. At the same time, SOL traded close to the important $80 support zone, increasing concerns that prices could revisit yearly lows near $68.

Solana Futures Market Shows Weak Investor Confidence

Open interest measures the total value of active futures contracts and often reflects trader confidence. A decline usually suggests investors are reducing exposure.

Funding rates for Solana futures remained near neutral, showing no major bullish or bearish dominance. However, futures trading data revealed strong selling pressure throughout May, indicating traders have been cautious about taking aggressive long positions.

Spot Demand and ETF Inflows Offer Some Support

Despite weakness in futures trading, spot market demand has remained steady. Buyers continue absorbing supply on exchanges, while spot Solana exchange-traded funds recorded around $113 million in net inflows during May, marking the strongest monthly ETF inflow for SOL in 2026.

Still, technical analysts warn that a break below the $80 support level may increase the chances of SOL falling toward $68, where large liquidation zones and historical support remain in focus.