SOL Open Interest Hits $8B: Is This The Setup Or The Trap? 🚨
The leverage is back in $SOL as open interest cracks $8 billion, signaling active positioning, not just watching. While the price action is a controlled recovery off the $120s base, the long-term EMAs are still pointing down. Short-term structure is improving, but the macro view remains bearish to neutral for now.
Whales are heavily long, betting on the ecosystem story, but this high leverage is a double-edged sword. If $SOL fails to hold the critical $130-$135 support zone, expect violent liquidations. Spot volume is lagging, meaning derivatives are driving this move, which means volatility is the main risk. Expect whipsaws and fakeouts, especially when liquidity thins. A sustained move above mid-$140s could confirm a reversal, but a flush lower is equally possible. Solana is definitely back on the map.