Key Points:
Solana futures open interest has reached a record 71.8 million SOL, with the market leaning bearish.
The technical outlook for SOL is weakening, indicating that the price may pull back to the $120-$150 range.
Solana (SOL) has experienced one of its worst weeks in 2025, dropping 18% over the past seven days, second only to Hyperliquid among the top 20 cryptocurrencies.
This decline may lead to SOL/USD recording its lowest weekly closing price since the end of August, with increasing market attention on the $120 level.
According to CoinGlass, Solana futures open interest (OI) has hit a historical high of 71.8 million SOL, with a total value of $14.5 billion at the time of writing. Meanwhile, as OI surged, the perpetual contract funding rate changed from -0.0065% to 0.0043%.
As prices fall, open interest and funding rates are rising in tandem, suggesting that market leverage levels may be too high, increasing the risk of long positions being liquidated.
Other indicators also show a bearish market structure, with net active trading volume skewed towards selling, indicating more aggressive sellers entering the market.
At the same time, the cumulative trading volume difference (CVD) has continued to decline, showing that the current selling pressure mainly comes from the spot market, constituting a bearish factor.
Additionally, DefiLlama data shows that the total locked value (TVL) of Solana DeFi protocols has decreased by 16% over the past week, with daily trading volume down by 11%, indicating overall weakening network metrics.
Cointelegraph reports that the decline in Solana network activity and competition from other layer one blockchains have become major obstacles to short-term price increases.
The SOL price has formed an inverted V shape on the daily chart from August 2 to this Thursday.
Bears have taken profits after this rebound, causing the price to significantly retract to the mid-region of this pattern.
Meanwhile, the relative strength index (RSI) has dropped from 69 to 37 since September 18, showing a downward trend and indicating increased bearish momentum, though it has not yet entered the "oversold" zone.
As the price attempts to complete the inverted V shape, it may further test the neckline area of this pattern, around the $155 demand zone, representing a 22% drop from the current price.
From a broader perspective, the double top pattern on the weekly chart suggests that the price may return to the neckline position of $120, as shown in the chart below. If so, the total decline would reach 40%.
However, bulls still have a chance to catch their breath in the short term. The RSI has clearly become "oversold" on shorter time frames.
Cointelegraph reports that if the $200 support is lost, the SOL price downtrend may continue to the $150-$110 range.
Related: Aster leads perpetual contract DEX daily trading volume to soar to $70 billion
This article does not contain any investment advice or recommendations. All investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Solana Open Interest Soars to 72 Million SOL Record, Yet Prices Continue to Decline”
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