Open interest in Solana (SOL) futures has surpassed $8 billion as traders use leverage and push long positioning, particularly among whales. SOL price has recovered from a >$200 sell-off and lows in the low $120s but remains below the 100- and 200-day EMAs and long-term moving averages. Futures are long-skewed while spot volumes stay low, so derivatives are driving the recent move. Near-term risks include forced liquidations if $130–$135 support fails, volatility and fake breakouts; a broader trend reversal requires holding and reclaiming the mid-$140s with controlled funding rates.

Open interest > $8 billion and a long-skewed futures positioning (notably among whales) increase liquidation risk if $130–$135 support breaks. Price remains below 100- and 200-day EMAs, and spot volumes are low, meaning derivatives—rather than spot demand—are driving the move; this elevates short-term volatility and fake-breakout risk. Recovery above mid-$140s with stable funding is presented as the condition for a trend reversal.