Solana’s [SOL] markets are in a prolonged “cooling” phase. Even so, traders look like they’re holding onto hope.
Will SOL deliver?
Solana volumes weak across the board
At the time of writing, both Solana’s Spot and Futures volume charts revealed that trading activity has stayed weak for months.
Source: CryptoquantSince November 2025, most of the bubbles have remained in the green “cooling” zone. In fact, there’s been lower participation from both spot buyers and derivatives traders.
Source: CryptoquantDuring this period, SOL’s price fell from around $160 to the $80-$90 range. The biggest drop came in late January to early February, when the token fell from about $125 to below $80 on the charts.
There were small recoveries towards $90-$95 in March, but volumes did not pick up.
Derivatives numbers look positive
Volumes might be weak, but there’s more! Solana’s Aggregated Open Interest has held relatively stable around the $2.0B-$2.1B range. Traders haven’t fully exited the market just yet.
Source: CoinalyzeAt the same time, funding rates were also back in positive territory, at around 0.006 at press time. Long positions seemed to be regaining strength, even if there wasn’t enough belief.
Earlier this month, there was high short pressure. That phase has eased since, with mild optimism being the mood for now.
SOL holds near $85
On the price charts, SOL was stable, but not quite strong enough. At the time of writing, the altcoin was trading at around $85, being range-bound after weeks of decline.
The RSI was near neutral; no clear bias from buyers or sellers. The DMI indicator also highlighted weak trend strength. So, it confirmed that neither bulls nor bears were in firm control.
Source: TradingViewThe price structure was capped below the $90-$92 resistance zone – A level that has rejected recent upside attempts.
Unless SOL breaks above this range with greater volume activity, it will continue to move sideways rather than break out on the charts.
Final Summary
- Solana might be stuck thanks to Spot and Futures volumes staying weak.
- Derivatives numbers suggested traders might still be expecting a rebound.
Source: https://ambcrypto.com/solana-volume-is-fragile-but-traders-havent-given-up-heres-why/
