Solana tests $80 support as futures activity drops 30%

The price of Solana (SOL) has declined to test a key support level near $80, while data from futures markets shows a significant reduction in leveraged trading activity during May. The digital asset's value briefly touched the $80 mark on Thursday amid broader cryptocurrency market volatility.

Open interest in Solana futures contracts, which reflects the total value of outstanding derivative positions, declined by approximately 30% over a two-week period in May, falling from around $2.75 billion to $1.90 billion. Concurrently, the aggregated funding rate for these contracts remained near neutral, around 0.005, indicating a balance between long and short positions rather than a strong directional bias among traders. Analysts interpret this combination as a sign that participants are reducing speculative exposure rather than building new aggressive bets.

The cumulative volume delta for stablecoin-margined SOL futures contracts fell to a yearly low of approximately $13 billion, a metric that signals persistent selling pressure within derivatives markets throughout the month.

This cooling of futures activity contrasts with more resilient demand in spot markets. Spot cumulative volume...