Solana continues to struggle, shedding 15% over the past week with no signs of slowing its decline this weekend.
On-chain metrics indicate that futures market participants are also reducing their activity while short-term holders are increasingly offloading their positions. These signals suggest that Solana could face further losses, potentially testing the $200 mark in the coming sessions.
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Solana Faces Mounting Pressure
SOL’s recent price decline coincides with a drop in its futures market open interest, highlighting falling market participation. According to Coinglass data, this currently stands at $14 billion, down by 17% since September 19.
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Open interest represents the total number of unsettled futures or options contracts and is…
