Solana open interest drops 30% as altcoins slump: Is $68 SOL next?

💡 DMK Insight

SOL’s futures open interest plummeting 30% is a red flag for bulls: This sharp decline signals a loss of confidence among traders, especially as SOL hovers around the critical $80 mark. A sustained break below this level could trigger further selling pressure, potentially pushing the price toward new lows. Given the current sentiment, day traders should be wary of entering long positions until we see a reversal or stabilization above $80. Look for volume spikes or bullish divergence on the daily chart as indicators of a potential turnaround. On the flip side, if SOL continues to weaken, it could drag down related assets like other altcoins that typically follow Solana’s lead. Keeping an eye on broader market trends, including Bitcoin’s performance, will be crucial in gauging the overall sentiment in the crypto space.