Solana’s futures market saw a significant decline in May as traders reduced leveraged exposure. Open interest dropped 30% to $1.90 billion, signaling weakening sentiment as SOL price eyes a retest of its yearly low near $68. However, spot market demand and ETF inflows provided a counterbalance. Spot buying activity improved, and Solana ETFs saw their strongest monthly net inflows of $113 million in May 2026, indicating steady accumulation by long-term investors despite the derivatives pullback.
Solana futures open interest fell sharply in May, dropping to $1.90 billion from $2.75 billion. This 30% decline occurred as funding rates remained neutral, showing a lack of aggressive directional bets from traders.
The cumulative volume delta for stablecoin-margined futures orders fell to a yearly low of -$13 billion. This metric signals stronger sell-side pressure in the derivatives markets throughout the month.
In contrast, spot market activity painted a steadier picture. Spot cumulative volume delta improved to $350 million since March, showing buyers continued absorbing supply on exchanges.
This trend was bolstered by positive flows into spot Solana exchange-traded funds. Monthly net inflows reached $113 million in May, marking the strongest monthly total for SOL ETFs in 2026.
Technically, SOL continues to trade inside a broad range between $80 and $95. The price returned to the lower boundary at $80 this week after another rejection near resistance.
A move below $80 places focus on the yearly low near $68. Data shows more than $800 million in cumulative long leverage sits near that zone, making it an important liquidity pocket.
Crypto trader Cold Blooded Shiller described SOL as one of the weaker large-cap charts in the market. The trader stated, SOL has been in a downtrend since October and lacks strong support below the current price level of $80.
Crypto commentator Zoe also placed bids near $67. This aligns closely with the yearly low and the largest cluster of leveraged liquidations.
