Solana Price Holds Key Support Despite Falling Open Interest—What’s Next for SOL?

The Solana (SOL) price has paused its recent recovery after failing to break above the $88 resistance zone, with profit-taking pushing the token back toward $75. Despite the pullback, the broader recovery structure remains intact as SOL continues to trade within an ascending channel. Traders are now watching whether buyers can defend channel support and revive bullish momentum or if a breakdown opens the door to a deeper correction.

Can Solana Hold $75 Support and Reclaim $88 Resistance?

After rebounding sharply from its June lows, the Solana price has formed a series of higher highs and higher lows, establishing a well-defined ascending channel. The latest decline has brought prices back to the channel’s lower boundary, which coincides with the middle Bollinger Band and has acted as dynamic support during the recent recovery.

Volume has declined during the pullback, indicating that selling pressure lacks the conviction seen during June’s sharp correction. Meanwhile, the CMF remains slightly above zero, suggesting capital inflows have slowed. The $75 region has become the immediate support level. Holding above it would keep the short-term bullish structure intact and increase the chances of another attempt at the $88 resistance zone. 

A successful breakout above $88 could expose the next resistance around $92, followed by the psychological $100 level. On the downside, losing channel support would weaken the current recovery. In that scenario, sellers could target the $67.7 support, which marks the previous swing low and a key demand area on the daily chart.

Open Interest Drops to $4.8B as SOL Retests $75 Support

CoinGlass data shows Solana’s open interest has declined to around $4.8 billion, down from nearly $5.8 billion in early July. The drop coincides with SOL’s retreat from the $82–$83 area to around $75, suggesting traders are closing leveraged positions after the recent rally.

Unlike sharp increases in open interest during sell-offs, the current decline points to position unwinding rather than aggressive short-building. This indicates that traders are becoming more cautious as SOL approaches a key support level. A recovery in both price and open interest above $5 billion would signal renewed bullish conviction, while further declines could indicate fading momentum.

Can Solana Reclaim $88 or Will $75 Give Way?

Solana’s next move will likely depend on whether buyers return with stronger conviction rather than simply defending support. The recent decline in open interest suggests leveraged traders are stepping aside, leaving the market without a clear directional bias.

In the near term, the SOL price is more likely to consolidate between $75 and $88 as buyers and sellers compete for control. A decisive break above $88, backed by rising volume and open interest, would improve the chances of an extension toward $92 and potentially $100.

However, if buying activity continues to weaken, SOL could remain range-bound or gradually drift lower before attracting fresh demand. Until momentum returns, traders may prefer to wait for confirmation instead of anticipating an immediate breakout.

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