Amid continued price weakness in the Solana (SOL) perpetual futures market, open interest (OI) has increased slightly. Major long/short indicators show long positions accounting for the high 60% to low 70% range, drawing attention to whether the market has become tilted to one side.

Price Movement: Near the Bottom of the 24-Hour Range

As of the most recent 1-hour candle close on the 13th, SOLUSDT USDⓈ-M perpetual futures were trading around $101.54, down roughly 0.8% as of 00:00 UTC. Since this figure is based on the latest 1-hour candle close, it may differ somewhat from real-time transaction prices. The 24-hour price range was $101.18 to $102.53, placing the current price near the bottom of that range.

Funding Rate: Positive Trend Maintained

The funding rate remains positive. The latest funding rate was recorded at 0.0015%, the next estimated funding rate at 0.0056%, and the cumulative funding rate over the past three days at 0.0051%, also in positive territory. A positive funding rate means long position holders pay a fee to short position holders. While a positive funding rate alone does not imply a price increase, it is used as an indicator to gauge whether long demand is relatively dominant in the derivatives market.

Open Interest (OI): Slight Increase Despite Price Decline

Open interest also rose slightly. Over the past hour, OI increased 0.15%, and by notional value it rose 0.16%. The fact that OI grew while prices showed weakness means further confirmation is needed on whether new positions are flowing in. In particular, periods where a price decline and rising OI occur simultaneously may suggest that market participants are adding new positions rather than closing existing ones. However, OI alone cannot distinguish between new longs and new shorts, so it must be examined alongside the funding rate and long/short ratios.

Long/Short Ratio: Longs Lead Across All Three Indicators

The long advantage is relatively clear in long/short ratios. The long share across all accounts was 69.80%. By top trader account count, the long share was 71.80%, and by top trader position value, it was 67.31%. While all three indicators show a high long share, they are measured on different bases. The all-account ratio shows the direction of the overall market participants, while the top trader account count and position value indicators are calculated based on the number of accounts and actual holding sizes, respectively. Therefore, it is not appropriate to simply combine the three figures and interpret them as a single long indicator.

Technical Indicators: 1-Hour RSI Oversold

A short-term oversold signal also appeared among technical indicators. The 1-hour RSI signal was marked as oversold.

The market warrants careful attention to this combination. While rising OI and long ratios alongside price weakness may indicate strengthening expectations of a rebound, there is also the possibility that liquidation pressure on long positions could expand if prices fall further.

Key Points to Watch

Ultimately, the core of the current Solana futures market is that price weakness and increasing positions are occurring simultaneously. While the funding rate remains in positive territory and major long/short indicators show a high long share, the actual price sits near the bottom of the 24-hour range, making it difficult to judge direction based on long dominance alone. Going forward, it will be necessary to monitor whether the low $101 level holds, whether OI growth continues, and whether the funding rate expands further. In particular, if long ratios rise even further while prices remain weak, position concentration in the derivatives market could become a variable that amplifies short-term volatility.

[This article is for informational purposes, written based on publicly available market data and derivatives indicators. It does not recommend buying, selling, or holding any specific cryptocurrency, and cryptocurrencies and perpetual futures may carry high price volatility and liquidation risk. Scenarios based on technical indicators such as funding rates, open interest, and long/short ratios do not guarantee actual market movements. Final investment decisions and responsibility rest with the investor, and this article was written with the assistance of AI.]