Solana’s [$SOL] markets are in a prolonged “cooling” phase. Even so, traders look like they’re holding onto hope.

Will $SOLdeliver?

Solana volumes weak across the board

At the time of writing, both Solana’s Spot and Futures volume charts revealed that trading activity has stayed weak for months.

Since November 2025, most of the bubbles have remained in the green “cooling” zone. In fact, there’s been lower participation from both spot buyers and derivatives traders.

During this period, $SOL’s price fell from around $160 to the $80-$90 range. The biggest drop came in late January to early February, when the token fell from about $125 to below $80 on the charts.

There were small recoveries towards $90-$95 in March, but volumes did not pick up.

Derivatives numbers look positive

Volumes might be weak, but there’s more! Solana’s Aggregated Open Interest has held relatively stable around the $2.0B-$2.1B range. Traders haven’t fully exited the market just yet.

At the same time, funding rates were also back in positive territory, at around 0.006 at press time. Long positions seemed to be regaining strength, even if there wasn’t enough belief.

Earlier this month, there was high short pressure. That phase has eased since, with mild optimism being the mood for now.

$SOLholds near $85

On the price charts, $SOLwas stable, but not quite strong enough. At the time of writing, the altcoin was trading at around $85, being range-bound after weeks of decline.

The RSI was near neutral; no clear bias from buyers or sellers. The DMI indicator also highlighted weak trend strength. So, it confirmed that neither bulls nor bears were in firm control.

The price structure was capped below the $90-$92 resistance zone – A level that has rejected recent upside attempts.

Unless $SOLbreaks above this range with greater volume activity, it will continue to move sideways rather than break out on the charts.

Final Summary

• Solana might be stuck thanks to Spot and Futures volumes staying weak.
• Derivatives numbers suggested traders might still be expecting a rebound.