Solana's crowd went long, the chart went "maybe" 🤷‍♂️

Traders on Solana have piled into long positions at a moment when trading activity and sentiment around $SOL have cooled to 2026 lows, according to market data reviewed at press time. Spot volume on the token had fallen to around $2.27 billion, the lowest level recorded in 2026, while a negative sentiment score climbed to 14.05, the steepest wave of bearishness around the asset since November 2025. The mood has soured despite continued build-out around tokenized stocks and real-world asset narratives on the network, leaving many participants unconvinced that ecosystem progress has translated into price performance.

On the derivatives side, however, positioning still leans bullish. Liquidation maps pointed to roughly $7.4 billion in long exposure against about $3.1 billion in short exposure, with the largest long liquidation cluster sitting near $61–$62, roughly 20% below the spot price at the time of writing. The long/short ratio across major exchanges had begun recovering and stood near 2.23, indicating traders were repositioning in favor of upside rather than downside.

Spot $SOL was trading near $77.95 after recovering from its June lows and testing the $82–$83 resistance zone. The relative strength index sat in neutral territory rather than overbought conditions, and the MACD line was at 1.91, above the signal line at 1.38, though the pace of the upward crossover had begun to slow. A sustained move back above recent highs has not yet been established.

Crowded long positioning carries its own risk: a pullback toward the $61–$62 cluster could amplify pressure on leveraged buyers, while a return of even modest demand against the current backdrop of depressed sentiment and thin volume could produce an outsized move in either direction.