Solana futures open interest fell about 30 percent in May, raising expectations that Solana could again test its year-to-date low of $68.

Cointelegraph reported on May 28 that Solana futures open interest fell to $1.9 billion on May 28 from $2.75 billion on May 11.

The key point is that the reduction in leveraged positions is more pronounced than price weakness. Solana has recently fallen to around $80, but futures funding rates stayed near neutral at about -0.005. That suggests there was no strong directional bet skewed heavily to either buyers or sellers.

Selling pressure was also seen in the futures market. Cumulative volume delta, or CVD, based on stablecoin-margined orders fell to a year-to-date low of -$13 billion. The indicator shows which side, buyers or sellers, is more aggressive over time. It indicates selling dominance persisted in the futures market throughout May.

Spot flows, by contrast, were relatively stable. Spot CVD improved to $350 million since March. That suggests buyers on spot exchanges absorbed supply even as derivatives positions weakened. Solana spot exchange-traded funds also posted net inflows of $113 million in May, the strongest monthly inflow so far in 2026.

This divergence of futures selling and spot buying is closer to a slowdown in speculative demand than panic selling. Leveraged traders reduced risk exposure, while spot buyers gradually increased holdings.

Price action remains uneasy. Solana is trading in a wide range between $80 and $95. The range formed after Solana fell 42 percent in the first quarter. It has recently pulled back again near the upper resistance line and dropped to around the lower boundary near $80.

The market is watching whether Solana breaks below $80 as the next turning point. If the price falls below this area, the year-to-date low of $68 comes back into view. Liquidation heatmaps show more than $800 million in cumulative long leverage around that level, making it a potential key liquidity zone if downside pressure increases.

Crypto trader Cold Blooded Shiller said on X, formerly Twitter, that Solana has one of the relatively weak charts among major altcoins in the market. He said Solana has been in a downtrend since October last year and saw a lack of strong support below the current price of $80.

Crypto analyst Joy also said he placed buy orders around $67. That level nearly overlaps the year-to-date low and aligns with the area where the largest liquidation volume is concentrated on heatmaps of open leveraged positions.

The near-term focus is whether Solana holds the $80 level. Spot buying and ETF inflows are supporting the lower end, but if leverage reduction and selling dominance persist in the futures market, it is difficult to rule out the possibility that Solana could be pushed back toward the $68 area.