Solana Derivatives Slump as Futures Open Interest Plummets, Tests $80 Support

Solana’s derivatives activity cools sharply with a 75% drop in open interest and negative funding rates, signaling a key price test near $80 amid meme-coin activity.

Rich by Coin

2026-02-19

Solana’s derivatives indicators have cooled sharply, testing the $80 support as SOL’s rally fades. Solana futures open interest has fallen 75% from 5 months ago, with liquidations outpacing new buys. The funding rate has been negative for more than a week, with an annualized 20% funding cost. SOL underperformed the broader crypto market by 11% over the past 30 days, and both dApp revenue and institutional demand have weakened.

Solana’s spot market performance also lagged, with an 11% underperformance over the last 30 days and a 67% drop from the $253 high reached in September 2025. On-chain profitability for Solana’s DeFi remains depressed, with weekly dApp revenue at $22.8 million—the lowest since October 2024—while meme-coin launchpad pumps contributed about $9.1 million, roughly 40% of the total. In contrast, Ethereum’s weekly dApp revenue rose 2% MoM to $16 million, supported by core infrastructure projects like Sky, Flashbots, and Aave driving earnings. Market assessments note Solana’s continued reliance on retail and meme-coin activity, whereas Ethereum maintains an edge in total value locked and high-value DeFi segments.

CoinShares data show Solana ETF assets at $2.1 billion versus Ethereum’s $15.8 billion, an 86% gap. Other SOL-related products from Bitwise, Fidelity, Grayscale, 21Shares, and CoinShares have seen limited inflows.