Solana (SOL) Price: Sellers Are Flooding Exchanges — Is $65 Really on the Table?

TLDR

• SOL is down over 30% year-to-date, with every bounce since January fading into lower highs
• Funding rates have been negative for 21 weeks, mirroring a 2022 pattern that later led to a major rally
• Open interest has collapsed from $7.58 billion to $1.9 billion, meaning short squeeze fuel is thin
• Exchange inflows surged 800% since February, from 245,691 SOL to over 2.2 million SOL daily
• Key support levels sit at $82 and $75, with $65 as a possible deeper target if those break

Solana has been relatively flat over the past 30 days, down just 1.4%. But the bigger picture tells a different story. SOL is down more than 30% since January 1, 2026, and each rally attempt has failed at a lower level than the one before.

The market’s short-term calm is masking some real pressure building underneath.

One key derivatives metric — the funding rate — has been negative for 21 straight weeks. A negative funding rate means short sellers are paying long holders to keep positions open. This signals that bearish bets are dominating.

This same pattern showed up between February 2022 and February 2023, a 53-week streak. During that stretch, SOL dropped to a cycle low of $7. But as that streak ended, price quietly began to recover — eventually rallying to $209 by March 2024.

The current 21-week streak looks similar in structure. But there is a key difference.

Open Interest Has Dried Up

Open interest in SOL derivatives peaked at $7.58 billion in September 2025. Today it sits near $1.9 billion — the lowest since early March 2025. That is a collapse of roughly 75%.

Low open interest means there is not enough leveraged short positioning to trigger a meaningful short squeeze. Without that fuel, bounces tend to fizzle quickly.

On the chart, SOL has been trading inside an ascending channel since early February. That might look like a recovery, but the channel formed right after a sharp drop from $148 to $68. Analysts say this makes it a continuation pattern — not a reversal.

Exchange Inflows Are Climbing Fast

On-chain data adds more weight to the bearish case. Exchange net inflows for Solana have been positive every single day since February 10. On that date, daily inflows were around 245,691 SOL. By March 10, they had reached 2,204,783 SOL — an increase of roughly 800% in one month.

Tokens flowing onto exchanges typically means holders are preparing to sell.

For a real bottom to form, analysts say these inflows would need to reverse into sustained outflows. That has not happened yet.

Key support levels on the chart sit at $82, then $79. If those break, the measured move from the channel points toward $65.

On the upside, a daily close above $94 would break the sequence of lower highs. A move above $118 would be needed to confirm a full bullish reversal.

As of March 11, 2026, SOL trades near $85, with exchange inflows still rising and open interest remaining near multi-month lows.

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