Solana (SOL) has seen a surge in futures trading volume on major exchanges, but the price has barely moved, increasing the likelihood of wider short-term volatility.

On Aug. 17 (local time), blockchain media outlet U.Today reported that SOL futures trading rose sharply over a day, but the position structure looked more vulnerable to downside pressure.

The key point is that the rise in trading volume did not immediately translate into gains in the spot price. SOL hovered around $75.30 with almost no price change over 24 hours. Despite the jump in trading, the lack of confirmed directional buying has led the market to view it as an uneasy signal tied to rising leverage.

By exchange, Binance's 24-hour SOL futures volume rose 144.8 percent to about $890 million. Bybit was up 108.6 percent and OKX rose 146.1 percent. Gate, Bitget and Hyperliquid also increased by about 154 percent, 210 percent and 168 percent, respectively. The simultaneous jump across several major exchanges points to broader participation in derivatives markets rather than a fleeting move.

Positions, however, are tilted to one side. Binance's account-based long-short ratio stood at about 2.43, while OKX was 2.42. The ratio for top trader accounts on Binance was higher at 2.71. U.Today said this structure "does not guarantee a drop, but makes liquidations more likely if support is lost". When buy positions build up excessively, even a small price decline can trigger forced liquidations in a chain reaction.

Liquidation data also shows the burden. About $6.07 million of SOL positions were liquidated over a day, including $4.6 million in long positions and $1.47 million in short positions. The heavier losses on longs indicate the market is more exposed to bullish bets.

Technical levels were also cited as a headwind. SOL is trading below a medium-term moving average around $78.10. The long-term moving average stands higher at $89.26, which is read as a sign the overall price structure remains weak. U.Today said a more convincing sign that higher participation is turning into accumulation rather than speculative leverage would be a sustained break above $78 to $80.

In the short term, $74 to $75 was presented as a key support zone. If selling accelerates and that area gives way, the price could be pushed back into the $70 to $72 range, and the July and August lows could then be tested again. If buyers regain control, the expanded volume could still provide a foundation for a price rebound.

What market participants are watching now is whether the rise in volume translates into real demand growth. If the current pattern continues, with prices stalled while long positions rise quickly, newly built leverage may be increasingly forced out of the market during a pullback.