Bulls abandon ship as SOL futures open interest dropped 30% in May. With the price weakening near $80, Solana may be destined for new lows. Solana (SOL) futures dropped sharply in May as traders reduced leveraged exposure across all exchanges. SOL open interest (OI) dropped to $1.90 billion on Thursday from $2.75 billion on May 11, a 30% decline, while funding rates remained close to neutral. The combination points to weakening investor sentiment as SOL eyes a retest of its yearly low at $68. The aggregated funding rate for Solana futures held near -0.005, showing balanced positioning between longs and shorts. SOL traders have not built aggressive directional bets despite the recent price slide to $80. SOL price, aggregated open interest, and funding rate. velo chart At the same time, the aggregated futures volume cumulative volume delta (CVD) for stablecoin-margined orders fell to a yearly low of -$13 billion. The CVD tracks whether buyers or sellers are more active over time. The decline signals stronger sell-side pressure in futures markets through May. BTC price, aggregated spot and futures CVD. Coinalyze However, spot activity paints a steadier picture. Spot CVD has improved to $350 million since March, showing that buyers have continued to absorb supply on spot exchanges even as derivatives positioning has weakened. The positive flows into spot SOL exchange-traded funds (ETFs) added to that trend. The monthly net inflows reached $113 million in May, marking the strongest monthly total for SOL ETFs in 2026.