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’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
A Year’s Worth Of Leverage Is Gone
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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’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,
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