8h10 ▪
5
min read ▪ by
While the crypto market searches for new momentum, some assets are sending unexpected signals. Solana (SOL), long weighed down by volatility, is rekindling traders’ interest, fueled by sharply imbalanced derivative indicators. In a tense atmosphere of anticipation, this resurgence of bullish pressure does not go unnoticed and could foreshadow a strategic turning point for this asset often considered the barometer of speculative sentiment.
In Brief
Solana (SOL) triggers a marked resurgence of interest among traders, with a surge in long positions on Binance and OKX.
The long/short ratio reaches 3 on these platforms, revealing an imbalance in favor of the bulls, according to Coinglass data.
This bullish dynamic, however, remains concentrated among certain players and does not yet reflect a broad market consensus.
Behind the apparent euphoria, the market could be undergoing a repositioning phase, between the exit of weak hands and consolidation of strong players.
A Significant Imbalance on the Platforms
While traditional finance is preparing to adopt Solana, one figure catches technical observers’ attention : 2.87. This is the long/short ratio of the SOL/USDT pair on Binance, according to data published by Coinglass. This means that for every trader betting on Solana’s decline, about three take a long position.
On OKX, this imbalance is even more pronounced, with a ratio of 3.15. This marks growing confidence among crypto investors, whether retail or institutional. Such asymmetry reflects a decidedly bullish short-term market reading, at least on these two major exchanges.
Complementing these raw figures, several indicators refine this observation :
The long/short ratio based on user accounts : 2.89, showing that a significant number of players are betting on the upside, beyond mere weighting by position amount ;
A ratio based on open positions : 1.96, highlighting bullish engagement intensity, although slightly mitigated compared to the number of accounts ;
The overall 24-hour ratio : 0.95, nearly an even split between long and short positions market-wide, which contrasts with data specific to the major platforms ;
Derivative volumes strongly rising : +35 %, with $13.87 billion traded, confirming renewed activity on SOL/USDT futures contracts.
This contrast between global data and that specific to Binance and OKX suggests current optimism is more concentrated among key players.
It is therefore not a broad market consensus, but rather a sectoral signal worthy of consideration alongside other metrics, such as movements in the options market and liquidation data.
Liquidations and the Options Market : Between Purge and Repositioning
Data on liquidations and derivative markets reveal another, more ambivalent, facet of the current dynamics around Solana. Over the past 24 hours, more than $30 million in positions have been liquidated, including $26.92 million in long positions.
At first glance, this figure may seem contradictory to the idea of a bullish market. Yet, this wave of liquidations could actually correspond to a purge of leveraged positions, a phenomenon common before a potential recovery move.
Over short intervals (1-hour and 4-hour), short position liquidations remain limited (less than $200,000), which might reflect a lack of conviction on the bearish side or even a strategic retreat of these players ahead of a period of volatility.
On the options side, on-chain data are equally instructive. Volume jumped nearly 50 %, to $1.51 million, while open interest dropped by over 22 %. This suggests crypto investors are turning more towards short-term strategies rather than long-term hedges.
This drop in open interest, combined with a volume increase, likely indicates tactical repositioning. Crypto traders are betting on quick price moves but do not wish to maintain long-term exposure.
In the medium term, this configuration could pave the way for a sustained recovery in SOL price, but it remains conditioned on several factors: technical validation of support levels, real volume on the spot market, and especially, persistence of this risk appetite. While derivatives data provide valuable insight into immediate sentiment, they should be contextualized with other macroeconomic and on-chain signals. For now, Solana operates in an environment where optimism is cautiously returning but perceptibly so, even attracting profiles with limited capital.
Maximize your Cointribune experience with our “Read to Earn” program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
Diplômé de Sciences Po Toulouse et titulaire d’une certification consultant blockchain délivrée par Alyra, j’ai rejoint l’aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l’économie, j’ai pris l’engagement de sensibiliser et d’informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu’elle offre. Je m’efforce chaque jour de fournir une analyse objective de l’actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
