Excessive leverage on SOL perpetual futures is building an unstable long position that could unwind violently if spot demand doesn't materialize
Too little corroboration in the last 3 days to call a trend (2 articles). Watching for it to gain traction.
"Additionally, positioning has a strong long bias. Whereas OKX reports 2.42, the Binance account long/short ratio is roughly 2.43. Although this positioning does not guarantee a decline, it makes SOL more vulnerable to liquidation in the event that it loses support."
"A $1.8 billion leverage trap is building on Solana as traders pay 11-month high rates to defend $78. If spot demand, network usage and institutional flows accelerate alongside that positioning, the leverage tends to compound a real move higher. If those readings stay flat or fall, the same positioning turns into a stack of longs that gets more expensive to hold every day."