Solana open interest on Hyperliquid's SOL-USD perpetual contract reached $638.1 million, accompanied by $150.4 million in 24-hour volume, as SOL advanced 44.9% from its August 14 closing price of $75.34 to $109.18 on August 27.
Whale wallet tracking revealed 17 long positions and nine short positions among 26 monitored accounts, representing a 65.4% long bias. Average leverage approached 18.94 times for long positions and 17.22 times for short positions, indicating elevated exposure levels across the market.
Funding rates hovered near neutral before slipping slightly negative, meaning long-dominated accounts were not paying a significant recurring premium to maintain their positions. This structure leaves the market vulnerable to rapid liquidations if prices move sharply in either direction.
Technical Levels Under Pressure
SOL price cleared its 50-day, 100-day, and 200-day moving averages during its recovery, with the daily relative strength index near 73.4 indicating strong but cooling momentum from earlier peaks above 80.
First support sits at $101.59, with the $105 to $110 range representing intermediate resistance. A break above $110 to $111 would shift focus toward $115 to $120. Conversely, a loss of $101.59 would expose $92.82 and the $90 zone, where the 20-day and 200-day moving averages converge.
Total SOL futures exposure across tracked venues reached approximately $2.31 billion, though the Hyperliquid figure should be considered separately to avoid conflating exchange-specific with aggregate market data.
