Solana's futures contracts have reached a record open interest of 71.8 million SOL, valued at $14.5 billion, as the cryptocurrency's price dropped by 18% over the past week. This significant decline, one of the steepest among the top 20 cryptocurrencies, has sparked concerns about a potential long squeeze, with technical indicators suggesting bearish momentum and possible price targets of $120 or $110. Additionally, on-chain data indicates a 16% decrease in total value locked (TVL) and an 11% reduction in daily transactions, highlighting a slowdown in Solana's network activity. These developments underscore the challenges facing Solana amid broader market volatility.