Solana (SOL) is facing a severe downturn in its derivatives market, with Open Interest (OI) and funding rates plunging to levels not seen since 2023. The asset is currently trading more than 71% below its record high of $291 reached in January 2025. While the market has seen brief relief rallies during this months-long correction, they have failed to alter the broader downward trajectory. This collapse in key metrics signals a massive washout of speculative interest and a significant reduction in market leverage. Analysts suggest the data reflects a persistent lack of buyer conviction as capital continues to exit the SOL ecosystem. Overall, the trend underscores a dominant bearish sentiment, with the aggressive long positioning of early 2025 having largely dissipated.
يشير التراجع الحاد في الفائدة المفتوحة ومعدلات التمويل إلى عملية "تطهير" شاملة للمراكز الشرائية والرافعة المالية المفرطة، مما يضع سولانا في مرحلة استسلام سعري (Capitulation) تتطلب وقتاً طويلاً لإعادة بناء الثقة. فنياً، غياب الزخم الشرائي الحالي يعد إشارة تحذيرية للمتداولين بضرورة تجنب محاولة صيد القاع أو "الإمساك بسكين ساقطة" حتى نرى استقراراً حقيقياً في
