Solana Market Remains Highly Leveraged After Price Drop

Joao Wedson has analyzed Solana's market positioning and found that it remains highly leveraged despite a recent price drop. According to Wedson, when looking at open interest in coin units rather than USD value, SOL's market shows a high level of leverage. This suggests that traders are still heavily invested in the asset, even as prices have fallen.

Wedson has previously commented on shifts in trader positioning across digital assets, noting increased pressure on long traders in Polkadot and observing that long-term Bitcoin holder supply is now 5.2 times greater than that held by short-term investors.