$14.5B Open Interest Raises Questions For Solana Bulls
Solana records a historic high : 71.8 million SOL are engaged in futures contracts. This peak in open interest could suggest a rise in strength. However, the crypto drops 18 % in one week, marking one of the worst market performances. This discrepancy between bullish speculation and price collapse raises questions: is the market fueled by excessive leverage?
In brief
- Solana records a record open interest of 71.8 million SOL on its futures contracts, despite an uncertain market context.
- SOL price drops 18 % over the week, one of the worst performances in the top 20 crypto, raising concerns about a possible long squeeze.
- Technical signals are bearish, with a dropping RSI and chart patterns that suggest a return to $120 or even $110.
- A scenario of a prolonged SOL pullback is shaping if current support levels break, amid slowing network activity.
A Record Open Interest and a Risk of Long Squeeze
Solana has crossed an unprecedented threshold on its futures contracts, with open interest reaching 71.8 million SOL, approximately 14.5 billion dollars, while the crypto undergoes a sharp correction .
This peak in open positions occurs while the asset price has fallen 18 % over the week, one of the poor performances among the top 20 crypto this year. Such a configuration reveals a growing imbalance. Perpetual funding rates are again positive at 0.0043 %, compared to -0.0065 % before, reflecting a dominance of leveraged long positions in a market nevertheless downward oriented.
The classic scenario of a “long squeeze” appears likely, as prices continue to fall despite increasing interest in derivatives.
The market data point to an overall unfavorable dynamic for bulls, with several negative technical signals :
- The net taker volume is mostly selling, indicating a decrease in the most aggressive orders ;
- The spot CVD (Cumulative Volume Delta) trends downward, revealing that selling pressure also comes from the spot market, not just derivatives ;
- The SOL price is heading for its lowest weekly close since late August, suggesting a significant technical break.
Therefore, the current behavior of the Solana derivatives market does not show regained confidence, but rather an imbalance where heavy leverage use could amplify the ongoing correction.
Network Fundamentals Decline : Solana Adoption Slows Down
Beyond signals from derivative markets, Solana’s on-chain data also show signs of weakness. Indeed, the total value locked (TVL) in Solana’s DeFi ecosystem has dropped 16 % over the past seven days.
At the same time, the number of daily transactions has declined by 11 %, indicating a slowdown in on-chain activity. This pullback comes as Solana faces increasing competition from other layer 1 blockchains, in a context where technical innovation alone no longer suffices to maintain user traction.
The RSI (relative strength index) fell from 69 to 37 since September 18, indicating growing bearish momentum, though not yet in oversold territory.
Meanwhile, chart analysts observe an inverted “V” pattern, often a herald of bearish reversals. This pattern suggests a return to a support zone around $155, or even a deeper pullback to $120 if the movement continues. The contrast between these signals and the record open interest level triggers the specter of an imminent long squeeze.
In this context, several scenarios remain possible. A rebound could occur if the price manages to stabilize around the identified technical zones and if Solana’s development team manages to reactivate interest through innovations or strategic partnerships. Conversely, a lack of positive catalysts combined with persistent selling pressure could precipitate a more prolonged correction phase.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Global risk assets are entering a phase where multiple catalysts are aligning, driving a new wave of momentum in technology and growth stocks. Trump has revived his "tariff dividend" proposal (a $2000 check per person), the U.S. government shutdown crisis is nearing resolution (with fiscal spending expected to resume before December 11), and the probability of a Fed rate cut in December has surged to 95% (with markets even partially pricing in a 50-basis-point cut). Expectations of ample liquidity are rising across the board. U.S. tech stocks and high-beta growth names are positioned to benefit first. Themes such as AI infrastructure, retail brokers (supported by the convergence of crypto and U.S. stock trading), and digital-asset infrastructure are likely to lead the rally. The Nasdaq index is expected to see further upside in the near term, while select quality stocks offer notable rebound potential. As a globally leading Universal Exchange (UEX), Bitget has fully integrated tokenized stocks and futures products, bridging traditional finance with the wider digital-asset ecosystem. Through strategic partnerships with institutions such as Ondo Finance, Bitget Onchain now supports on-chain tokenized trading for more than 100 stocks and ETFs. Users can trade tokenized stocks—including NVDA, HOOD, TSLA, MSTR, COIN, META, and other popular names—directly in the spot market, and also access perpetual futures on individual stocks within Bitget's futures section.

Investing in Health-Focused Industries: A Strategic Transformation in Consumer and Business Practices
- Global wellness economy is transforming through health, financial , and environmental priorities, driven by consumer demand, corporate innovation, and policy shifts. - Health wellness market projected to grow from $3.8T to $5.27T by 2033, fueled by AI adoption, wearables, and preventive care advancements. - Sustainable living sector will expand 3.8x to $29.97B by 2033, accelerated by green tech (23.1% CAGR) and corporate net-zero commitments. - Financial wellness tech grows at 10.25% CAGR, with AI-driven

YouTube Lets U.S. Creators Receive Earnings in PayPal’s PYUSD Stablecoin
Bitget Releases Major Upgrades to GetAgent With Smarter Responses and Free Access for All Users
