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Points of Focus
- Solana held $101.60 as futures open interest stayed below $6 billion.
- Open interest fell about 6% from $6.29 billion on September 11.
- ETF inflows and active DEX trading counter weaker derivatives positioning.
Solana (SOL) held above $100 on Monday, trading at $101.60 as futures positioning continued to shrink. CoinGlass data showed SOL futures open interest near $5.91 billion, down about 6% from $6.29 billion on September 11 and still below the $6 billion mark.
The decline in open interest hasn’t been matched by a similar drop in SOL. Traders have reduced futures exposure while the token continues to hold the $100 area, suggesting recent deleveraging has occurred without another break below that level.
Solana open interest drops below $6 billion
Trading activity has also cooled from September 11 levels. CoinGlass showed about $5.76 billion in 24-hour SOL futures volume, down roughly 26% from $7.83 billion. Spot volume fell from about $769 million to $474.65 million over the same comparison, a decline of roughly 38%.
Lower open interest reduces the amount of leverage exposed to forced liquidations, but it can also signal weaker trader participation. With both futures and spot turnover below September 11 levels, SOL’s hold near $101 points to price stability rather than a broad increase in trading demand.
The $100 level remains the immediate test. SOL fell as low as $98 on September 11 before recovering, while more than $10 million in long positions were liquidated during the move.
Solana ETF flows counter weaker derivatives activity
ETF flows moved in the opposite direction. Farside data show US Solana ETFs recorded a combined $9.7 million in net inflows from September 8 through September 11 despite three negative sessions during that period.
CryptoQuant-verified data analyst CW noted Monday that Solana ETFs finished last week with positive net flows while Bitcoin funds recorded outflows. The contrast matters because futures positioning has declined while regulated Solana products still attracted net capital. The $9.7 million inflow remains small relative to SOL’s market size, so it doesn’t establish strong demand on its own.
🇺🇸 ETF FLOWS: ETH, SOL and XRP spot ETFs saw net inflows last week, while BTC spot ETFs saw net outflows. $BTC: -$462.73M $ETH: $197.11M $SOL: $10.3M $XRP: $18.98M pic.twitter.com/wh1tuQRzDw
— CW (@CW8900) September 14, 2026
Solana DEXs processed roughly $3 billion over 24 hours, while DeFi TVL stood near $5.89 billion, according to DefiLlama data.
CoinGlass showed $5.76 billion in 24-hour futures volume against about $474.65 million in spot volume, leaving futures turnover at roughly 12.1 times spot volume.
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