Solana (SOL) experienced a downturn, dropping by 5% in a day to $145, amid concerns of a sell-off on FTX, risking a potential loss of $125 million if it rebounds, as it has done previously. The decline in price coincided with a 40% decrease in Solana's open interest (OI) over the past month, now at $1.78 billion on May 9, according to CoinGlass data.

This decrease in OI often indicates trader uncertainty and a lack of confidence in the asset's price. Despite this, Solana has demonstrated a tendency to recover swiftly from its declines, putting over $100 million in short positions at risk if it were to rise back to $157. Just before its dip on May 7, CryptoAce predicted a drop in Solana's price, which may have contributed to its recent fall.

Additionally, FTX's announcement of plans to repay victims of its collapse through asset sales, including Solana, may have influenced the price drop. Overall cryptocurrency market sentiment has also decreased, with the Fear and Greed Index falling by 13 points over the past 24 hours to a score of 54 on May 9.

However, recent findings suggest that Solana could surpass Ethereum in transaction fees, potentially boosting its price in the short term. On May 7, Solana's total economic value was close to Ethereum's, indicating growing competition between the two networks.