Solana’s price fell to $83 on Tuesday, erasing the gains it posted in May and marking a three‑week trough. The drop was driven by a surge in futures liquidations, with traders either closing or being forced out of long positions.

$27.3 Million in Long Futures Liquidated, According to CoinGlass

CoinGlass data show that $27.3 million worth of long Solana futures were liquidated as the price slipped below key support levels . This massive unwind suggests the market had been overly bullish before the sell‑off, forcing participants to exit at a loss.

Futures Netflow Turns Negative by $164.3 Million, a 350% Drop

During the same period, $1.68 billion left the futures market while inflows shrank to $1.45 billion, pushing netflow to –$164.3 million, a 350 % plunge... The sharp outflow signals heightened fear among leveraged traders who anticipate further downside.

Long‑Short Ratio Sinks Below 1 for Seven Days

The long‑short ratio fell to 0.96 and stayed under the breakeven point for a full week, indicating that short positions dominate and market sentiment is strongly bearish.

Spot Market Shows Subtle Accumulation Despite Negative Netflow

Even as futures turned sharply negative, the spot side recorded eight consecutive days of net outflows, ending at –$2.8 million, a modest improvement from –$15 million previously. This lingering buying pressure hints that some investors view the dip as a buying opportunity.

What Remains Unclear : Will Spot Buying Offset Futures Pressure?

Analysts still do not know whether the modest spot accumulation can sustain SOL’s price or if continued futures deleveraging will push it lower. The next week of price action will be critical for confirming the market’s direction.