# Solana bulls abandon ship as open interest collapses — short the breakdown to $68

_AI-generated trading idea · SHORT · SOL_

> Canonical page: https://commonquant.ai/research/for-you/solana-bulls-abandon-ship-as-open-interest-collapses-short-t--ca88cf6d-2dad-4895-aa04-089e99eabd0b

Traders are rapidly abandoning their bets on Solana, with the total number of active futures contracts dropping 30% in May as the price weakens toward $80.

## Idea

When a large number of traders suddenly close their positions, it shows a lack of confidence and often leads to further price drops. Solana is losing steam as investors pull their money out of riskier cryptocurrencies, leaving the token vulnerable to a deeper slide. With the upward trend broken and the next major support level sitting all the way down at $68, there is plenty of room for the price to keep falling. This is an opportunity to bet against Solana as it slides lower.

## Key details

- Symbols: SOL
- Timeframes: H4
- Tags: \#crypto, \#short, \#momentum

## Community

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## News sources

- [Solana open interest drops 30% as altcoins slump: Is $68 SOL next?](https://cointelegraph.com/markets/solana-open-interest-drops-30-as-68-retest-comes-back-into-play) — Cointelegraph

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