Despite the drop in futures activity, funding rates have remained largely neutral, indicating that neither bulls nor bears have taken aggressive control of the market. This points more toward declining speculative appetite than panic selling, with traders choosing to reduce exposure rather than place large directional bets.

The weakness in futures markets comes as SOL hovers around the key $80 support level. A break below that range could shift attention toward the yearly low near $68, which many traders are closely watching as the next major support zone.