Solana’s derivatives market is signaling something the price chart doesn’t 
fully show—and it matters right now. According to data from Coinglass, 
Solana&#8217;s total open interest across all exchanges is currently at $5.44 
billion, which is about 65.12 million SOL in outstanding futures contracts. 
That figure places open interest back within the same range it occupied in 
April 2025, effectively erasing nearly a full year of buildup in the asset 
Related Reading: UK Slaps Sanctions On $20B Crypto Black Market Tied To 
Southeast Asia Scam Rings A Year&#8217;s Worth Of Leverage Is Gone According to 
CoinGlass, Solana’s open interest is currently around $5.45 billion, a level 
that stands far below the peaks seen during the late-2025 run-up. From late 
April 2025, Solana&#8217;s open interest continued to climb, scaling from the $5 
billion to $6 billion range through the summer months, breaking past $12 
billion by mid-July, and ultimately peaking around $15 billion to $16 billion 
in mid-September 2025 when the SOL price was trading above $240. However, what 
followed that peak was an unwinding that has lasted for the past few months. 
Solana&#8217;s open interest fell through October and November 2025, briefly 
stabilized in December, then finally collapsed in January and early February 
2026. At the time of writing, Solana&#8217;s open interest has now dropped to $5.44 
billion, which appears to be the lowest point since early April 2025. That is 
important because it shows the Solana price ecosystem has unwound nearly a 
full year of speculative buildup. Many of the traders who were previously 
amplifying Solana’s moves through leverage are no longer as active. Solana 
Open Interest. Source: Coinglass What This Means For SOL Price The 
distribution of that $5.44 billion across trading exchanges shows that Binance 
holds the largest share at $951.84 million, which is about 17.49% of total 
open interest. This is followed by CME at $672.55 million and Bybit at $617.30 
million. KuCoin stands out in the short-term data, recording the largest 
24-hour OI change among major venues at +10.42%, though it originates from one 
of the smaller books in the table at $402.69 million. The CME open interest 
number is notable to watch, as it means that institutional participation via 
regulated futures is still holding up compared to other exchanges. Total 
Solana Open Interest. Source: Coinglass There is an important relationship 
between price and open interest. Whenever an asset&#8217;s price rises alongside 
open interest, it means new money is entering and momentum is being 
reinforced. On the other hand, when price falls and open interest also falls, 
it usually points to a reset, where positions are being closed and leverage is 
being removed from the system. Related Reading: Shiba Inu Under Pressure As 
Nearly 40B Netflow Surge Hits Exchanges This can be read in two ways. The 
bearish reading is that fewer leveraged traders means less immediate buying 
pressure and less momentum support, which can leave price vulnerable if spot 
demand does not step in. The more constructive reading is that a large part of 
the excess leverage has already been washed out. At the time of writing, 
Solana is trading at $83.51, down by 2.7% in the past 24 hours. Featured image 
from Unsplash, chart from TradingView

What The Solana Open Interest Is Saying About The Cryptocurrency Right Now

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Saudi Arabia’s Petroline, the 1,200-kilometer crude pipeline connecting its 
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AI agents are moving beyond chatbot duty and into a bigger role across the 
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The crypto winners from AI may not be AI coins at all as agents start spending autonomously

A worst-case scenario is now on the table. Some analysts say Bitcoin could 
fall as low as $41,000 if a bear flag pattern currently forming on price 
charts plays out — a warning sign drawing attention as the cryptocurrency 
trades near $66,000, roughly half of what it was worth at its recent high. 
Related Reading: Ethereum Sets User Record As Price Lags Far Behind Network 
Growth Geopolitical Shock Hits At A Bad Time The closure of the Strait of 
Hormuz sent oil prices surging this week, rattling global markets and pulling 
risk assets lower. Bitcoin was caught in the selloff. Prices slipped below 
$66,000 as traders weighed rising energy costs, stubborn US inflation, and 
fresh stress in the bond market. The timing of the geopolitical flare-up has 
made an already fragile price setup harder to defend. A bear flag pattern — a 
technical chart signal where prices briefly consolidate after a decline before 
continuing lower — is now visible on Bitcoin&#8217;s chart. Based on reports from 
market analysts, the pattern puts an initial downside target near $50,000, 
with the $41,000 level emerging as a deeper floor if selling pressure 
intensifies. Bitcoin is down 47% from its peak. That kind of drawdown might 
sound alarming, but analysts who track long-term crypto cycles say it fits a 
pattern that has shown up before. A Cycle That Has Played Out Before Data 
shows that Bitcoin tends to lose momentum in midterm years. Reports going back 
to 2014, 2018, and 2022 show a recurring sequence: prices start the year 
relatively stable, fade through late Q1 into early Q2, and then grind lower 
through the summer months. The 2026 price action has tracked this historical 
average closely. On average, around now is when #Bitcoin continues its decline 
in midterm years. pic.twitter.com/JZ7Rcx2wJY — Benjamin Cowen 
(@intocryptoverse) March 27, 2026 Analyst Benjamin Cowen, who has followed 
Bitcoin&#8217;s multi-year cycles, points to what he calls the mid-cycle dip zone — 
a phase that typically follows a major bull run and stretches across several 
quarters. According to Cowen, midterm years are not crash events. They are 
cooldown periods. Rallies lose steam. Volatility picks up. Corrections run 
longer than most investors expect. That description fits what is happening 
now. Following a strong run in 2025, Bitcoin&#8217;s year-to-date performance has 
tilted negative, matching the kind of softening seen in prior cycles. Related 
Reading: UK Slaps Sanctions On $20B Crypto Black Market Tied To Southeast Asia 
Scam Rings Patience May Be The Only Strategy Left For long-term Bitcoin 
holders, the message from analysts is straightforward: this has happened 
before, and it has always eventually ended. But the short-term picture offers 
little comfort. Macro pressures are stacking up at the same moment that 
Bitcoin&#8217;s chart structure is weakening, and there is no clear catalyst in 
sight to reverse the trend. Featured image from Unsplash, chart from 
TradingView

Cryptocurrency price in NZD