Solana Struggles as Derivatives Markets Turn Deeply Bearish

[mendez]

Solana failed to reclaim $140 on Monday as negative funding rates and falling leverage demand continued to pressure the market. SOL is down 30% in the past month, underperforming major altcoins despite its leading position in active addresses. Traders point to shrinking open interest and a futures premium that has collapsed to 0%, signaling a lack of bullish conviction. Until derivatives metrics recover, analysts expect SOL’s upside to remain capped.

[Nahid Hossen]

Derivatives pressure always drags spot sentiment down.

[Rimon Khan]

SOL needs a catalyst to break out of this bearish zone.