Solana tests $80 as funding, open interest flag longs

Solana’s derivatives market is flashing stress signals while spot flows weigh whether they can absorb ongoing sell pressure. The immediate focus is the integrity of the $80 handle, where sentiment appears fragile and positioning remains highly sensitive to leverage dynamics.

$80 SOL support is fragile; spot demand must absorb futures pressure

As reported by TradingNews, Solana’s perpetual futures backdrop has deteriorated, with negative funding indicating that short positions are being compensated while longs face a carry cost. The same coverage notes that open interest has been drawing down as traders reduce leverage, a pattern consistent with risk-off behavior among previously aggressive bulls.

TradingNews also points to a descending structure of lower highs and lower lows, which leaves the $80–$76 area exposed if momentum weakens further. In this setup, the burden shifts to spot buyers to provide liquidity and stabilize price each time derivatives flows accelerate into weakness.

What ‘panicked bulls’ in Solana futures means right now

In practice, “panicked bulls” describes over-extended long positions capitulating or de-risking into negative funding and thinning open interest. That retreat can amplify downside wicks if market makers widen spreads and if liquidation thresholds cluster near round numbers.

Analyst commentary has emphasized the need for stabilization before any constructive reversal attempt. “Want to see this hold this area [around $80] and form some sort of range,” said Daan Crypto Trades, a cryptocurrency market analyst.

Immediate impact: key levels and derivatives signals to watch

The immediate test is whether $80 can form a durable base rather than a brief intraday pivot. A firm hold typically requires funding to normalize toward flat and open interest to rebuild without inviting forced unwinds.

If $80 softens, the tape risk is that cascading liquidations magnify a move into nearby lower bands before liquidity replenishes. Conversely, if $80 is defended and derivatives metrics improve, focus tends to shift to reclaiming successive resistance shelves rather than chasing momentum.

How funding, open interest, liquidations shape near-term scenarios

Funding rate mechanics matter: sustained negative funding taxes longs, encouraging de-leveraging; a flip toward neutral can signal that directional pressure is easing. Open interest contraction usually indicates risk is coming out of the system; a measured rebuild, alongside stable funding, is a healthier base than a sharp, highly leveraged snapback. Liquidation pockets around round numbers can accelerate both downside and upside, so whether those clusters are triggered, or avoided, often decides the day’s range and close.

At the time of this writing, based on data from CoinCodex, SOL trades around $81.46 with very high 18.41% volatility and a 14‑day RSI near 37.49 alongside a bearish sentiment read. These figures are descriptive, not predictive, and conditions can change quickly in a high‑leverage, high‑beta asset class.