Solana futures open interest has fallen from a recent peak near $3 billion to roughly $2.1 billion, a sign that traders are cutting exposure and stepping back from leveraged positions. Even so, funding rates are still positive, which suggests bullish positioning has not disappeared from the perpetual futures market and some participants continue to expect upside in SOL.
Network participation drops below 1.9 million
Activity across the Solana network has weakened at the same time. The number of network participants stood close to 3 million at the start of 2025, but has now fallen below 1.9 million. That decline points to softer real usage on the chain. Solana remains known for high transaction throughput, yet recent figures show a clear slowdown in participation.
Decentralized exchanges on Solana are showing the same pattern. Daily trading volumes that reached billions of dollars earlier in 2025 have largely faded, and the available data does not indicate a meaningful recovery so far. Trading activity on the network’s DEX sector remains subdued.
$68.02 remains the level to watch on the 4-hour chart
Analyst Man of Bitcoin said SOL is trading between descending and ascending trend lines on the 4-hour chart, leaving price compressed in a narrowing range. In his view, $68.02 is the key level that keeps the current bullish structure intact. If SOL breaks higher, the first major resistance is seen at $98. Above that, the next upside levels identified in the analysis are $110.54, $120.47, and $126.95.
A move below $68.02 would weaken that technical setup. The chart is already defining a tight range, and the next directional move is drawing closer.
Eight straight red monthly candles and a short cluster at $83 to $87
Market watcher Crypto Patel said Solana has printed eight consecutive bearish monthly candles for the first time in its history, with a ninth candle now forming. He compared the pattern with price behavior seen during the 2021 bear market and said he is watching the $80 to $50 range as a possible accumulation zone. In that earlier cycle, SOL dropped from $260 to $8 and recorded nine monthly declines in total, though not in an uninterrupted sequence. Patel noted that the final candle in that stretch later marked a bottom, after which SOL climbed to nearly $295 within two years.
Short-term data from Coinglass shows a dense concentration of short positions between $83 and $87. If SOL moves into that band, forced short closures could accelerate price action. The report also identifies $76 as an important near-term support, while the $83 to $87 zone stands out as a possible trigger area for the next swing.