Bulls abandon ship as SOL futures open interest dropped 30% in May. With the price weakening near $80, Solana may be destined for new lows. Solana (SOL) futures dropped sharply in May as traders reduced leveraged exposure across all exchanges. SOL open interest (OI) dropped to $1.90 billion on Thursday from $2.75 billion on May 11, a 30% decline, while funding rates remained close to neutral. The combination points to weakening investor sentiment as SOL eyes a retest of its yearly low at $68. The aggregated funding rate for Solana futures held near -0.005, showing balanced positioning between longs and shorts. SOL traders have not built aggressive directional bets despite the recent price slide to $80. Read more
Solana futures funding turned negative as demand for SOL and its associated decentralized exchanges fell. Will traders buy the dip or is $78 next? Key takeaways: Solana's native token SOL (SOL) faced a 15% correction following a rejection at $98 on May 11. A retest of the $83 level on Tuesday was followed by negative futures funding rates, indicating increased demand for short SOL positions. While declining network activity contributed to the price drop, competition among rival blockchain networks has picked up. Read more
Pump.fun pulled in $124.7 million in Q1 2026, making it Solana’s largest revenue generator even as memecoin activity cooled, while the network’s RWA market cap crossed $2 billion. Pump.fun remained Solana’s largest revenue generator in the first quarter of 2026, pulling in $124.7 million, more than a third of the network’s $342.2 million in total app revenue, despite cooling memecoin activity. The memecoin launchpad's revenue rose 17% quarter over quarter, a sign that its core business remains resilient, Messari said in its Solana Q1 report. Launchpads generated $144 million in Q1, roughly 42% of Solana’s total app revenue. A standout within the sector was Bags, whose quarterly revenue surged 1,347% to $11.5 million, fueled by a wave of AI-themed memecoins in January. The surge proved short-lived, with monthly revenue dropping 85% by February. Read more