Solana’s derivative market is a symbol something the price chart doesn’t fully reflect—and it’s important right now.
According to data from CoinglassSolana’s total interest in the entire exchange is at $ 5.44 billion, which is close to 65.12 million SOL in the high futures contract. This figure restores the interest that existed in April 2025, removing approx a full year of construction in assets
Collaborative Reading
Year Full Support Year Expired
According to CoinGlass, Solana’s open interest is currently around $5.45 billion, a level that stands far from the peak seen in late 2025.
From the end of April 2025, the open interest of Solana continued to rise, from $ 5 billion to $ 6 billion in the summer months, passing $ 12 billion by mid-July, and finally increased to approximately $ 15 billion to $ 16 billion in September 2025 when the price of SOL was selling above $ 240.
However, what followed that boom was the easing that has been in place for the past few months. Solana’s open interest fell in October and November 2025, briefly stabilized in December, then fell in January and early February 2026. At the time of writing, Solana’s open interest has now dropped to $5.44 billion, which appears to be the lowest since early April 2025.
This is important because it shows that the creation of the Solana tree did not happen for almost a full year of speculation. Many of the merchants who previously expanded Solana’s traffic through add-ons are no longer active.
Solana Open interest. Source: Coinglass
What This Means for SOL Values
The distribution of $ 5.44 billion in trading volume shows that Binance has a large share of $ 951.84 million, which is about 17.49% of the total open interest. This is followed by CME at $672.55 million and Bybit at $617.30 million. KuCoin stands out in the short term, recording the largest change in OI for 24 hours among the major sites at +10.42%, although it comes from one of the smallest books on the table at $402.69 million.
The CME open interest The number is very attractive, because it means that the participation of institutions through futures is still there compared to other exchanges.
All interest in the Solana Open. Source: Coinglass
There is a significant relationship between cost and open interest. Whenever the stock price rises along with the open interest rate, it means that new money is coming in and the interest rate is increasing. On the other hand, when the price falls and the open interest falls again, it usually points to a reset, where the position is closed and the power is removed from the system.
Collaborative Reading
This can be calculated in two ways. The It’s a breast reading fewer traders mean faster price cuts and less support, which can make prices more vulnerable if demand for the property doesn’t pick up. it has already been cleaned.
At the time of writing, Solana is trading at $83.51, down 2.7% in the last 24 hours.
Image taken from Unsplash, chart from TradingView
