Solana Futures Signal Bullish Panic: Is the $80 Level the Next Critical Test?

Solana’s native token, SOL, is facing extreme bearish pressure as derivatives markets signal a “bullish panic”, and long-positioned traders are making rapid exits. Currently, SOL is struggling to hold $85, as a 75% drop in Solana futures open interest indicates that traders are liquidating existing positions.

Key Highlights

• The $80 level is a critical support level for SOL, as the price has been failing to break above $89 over the last two weeks.
  SOL is heavily dependent on retail and meme coin activity, while Ethereum maintains its lead in high-value decentralized finance.
• Solana (SOL) price is testing a new support level at $80. The sluggish pattern continues after a rejection at $145 in mid-January and a major decline to $67.60 on February 6. According to analysts, the demand for bullish leverage has faded as traders prepare for a more bearish trend.

Investors who believe that the SOL price can go the other direction are paying an annual rate of 20% to keep their short positions open. Since funding rates have remained negative for over a week, it indicates a bearish state. Compared to SOL, ETH’s annualized funding rate was nearly at 1% on Wednesday.

Investors are frustrated, as SOL has been underperforming by 11% over the past 30 days. Although SOL is among the top seven cryptocurrencies by market cap, it has plunged 67% from its peak of $253 in September 2025, affecting both on-chain activity and derivatives. Moreover, SOL futures open interest has dropped 75% from its $13.5 billion high, achieved just five months ago.

Solana’s Failed Attempts

Solana recently attempted to climb over the $90 resistance level. However, this move failed to gain support. The price then fell back below the resistance, forming bearish candles that invalidated the breakout scenarios. These structures suggest an aggressive selling pressure, and buyers are losing control.

The rejection also indicates that SOL is unable to hold above the point of control (POC). Several counter-trends close below this level, signalling the market has shifted away from balance into a bearish trend. SOL’s inability to hold the POC signals a deeper corrective rotation.

Next Support Level At $78

As the SOL price is now trading below the point of control, analysts expect that the next support level will be $78. They believe this move, which is below the $80 psychological level, will increase volatility as traders reassess risk.

According to technical charts, the $78 level carries additional significance due to the alignment with the 0.618 Fibonacci retracement.

Broader Market Structure Suggests a Corrective Phase

From a technical perspective, Solana has not come out of the bearish trend. Lower highs persist, and the recent attempts to reclaim the resistance levels have failed. SOL price cannot enter a bullish state if it cannot reclaim its value and volume.

Charts show bearish engulfing candles at resistance levels, suggesting the pattern will continue and there is a lower chance of immediate reversal.

What to expect for the upcoming SOL price?

The technical charts and market structure perspective indicate that Solana will continue on a lower trend in the short term. As the price remains below the resistance and the point of control, the next support level is near $78.

Traders are closely monitoring behavior around the zone. If buyers step in, it could trigger short-term relief. However, if SOL continues to trade below $80, it would increase the risk of a deeper correction. So, unless there is a bullish return above key levels, downside risks may continue. The critical support level is $76-$79. The immediate resistance is near $87-$90, where sellers are active.