Solana’s dollar-denominated open interest has fallen 47.5% to approximately $4.04 billion, while SOL-denominated open interest has risen 21.6% to 52.87 million SOL, indicating traders maintain high exposure despite price depreciation. A whale deposited $8.43 million in USDC to accumulate a 500,000 SOL long position with 20x leverage, having already purchased 199,838 SOL at an average price of $75.985. The SIMD-0550 and SIMD-0553 proposals aimed at slowing issuance and burning transaction fees could reduce SOL supply and strengthen leveraged bullish positions if spot demand remains firm. This combination of elevated leverage and a whale taking substantial directional risk creates an environment where price movements could become particularly volatile in case of selling pressure.
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