$SOL

🚨Bullish activity declines in Solana derivatives🚨

According to Coinglass, the Solana Open Interest (OI) has dipped by 4.61% in the last 24 hours to $6.46 billion. A perpetual contract’s OI relates to the number of open positions in either futures or options, and its decline translates to a decrease in traders' interest in participating in such agreements.

The declining interest of traders in Solana contracts aligns with the increased volatility, leading to the wipeout of bullish positions. Over the last 24 hours, the long liquidation has reached $46.96 million, while the short liquidations have stalled at $3.50 million.

Furthermore, increased long liquidations result in decreased bullish activity, leading to higher short positions in the market. The ratio of long vs short positions is at 0.9429, signaling a greater number of bearish positions dominating the derivatives field.

Additionally, the OI-weighted funding rate has flipped negative to -0.0083%, signaling payments made from bears to bulls to keep the perpetual swap and spot prices aligned.

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