Solana (SOL) Price Drops 11% as DApps Revenue Falls to 18-Month Low

TLDR

• SOL dropped 11% in three days, falling to $87 after peaking at $97.70 Monday, liquidating $25 million in long positions.
• SOL perpetual futures funding rates hit 0%, showing bulls have little interest in leveraged positions.
• Solana DApps revenue fell to an 18-month low of $22 million, down from $36 million two months ago.
• In the perpetual contracts space, Hyperliquid and other specialized chains now handle over 80% of total volume.
• Companies holding SOL in their treasuries, such as Forward Industries and DeFi Development Corp., are currently underwater on their holdings.

Solana’s native token SOL has had a rough week. After hitting a local high of $97.70 on Monday, SOL dropped 11% over three days, sliding down to $87 on Thursday. That move triggered $25 million worth of leveraged long positions being liquidated, hurting trader confidence.

The derivatives market is not painting a positive picture either. SOL perpetual futures funding rates are sitting near 0%, which means demand for long positions is essentially absent. Under normal conditions, funding rates tend to hover around 9% as traders lean optimistic. Bears have been in control of the leverage side of the market for the past month.

Options markets are also showing caution. The 30-day delta skew on Deribit jumped to 12% on Thursday. That means put options, which profit from price drops, are trading at a premium over calls. This tells us that professional traders and market makers are hedging against more downside, even with SOL already trading 70% below its all-time high.

Weak Onchain Activity Adds to the Pressure

Solana’s DApps revenue has dropped to its lowest level in 18 months, coming in at $22 million. That is down from $36 million just two months ago. While this kind of slowdown is not unique to Solana — BNB Chain saw DApps revenue fall 52% over the same period — it does reflect broader weakness in onchain demand.

Solana still leads all blockchains in decentralized exchange (DEX) volume, driven by platforms like Pump, Raydium, and Orca. But in the perpetual contracts space, it’s a different story. Chains built specifically for derivatives trading — including Hyperliquid, Edgex, Zklighter, and Aster — now control more than 80% of total perpetual contract volume.

The launch of an officially licensed S&P 500 Index perpetual futures contract on Hyperliquid, developed by Trade[XYZ], has also pulled attention and volume away from the Solana ecosystem. Tokenized equities markets overall are approaching $1.1 billion in total assets.

Bearish Fractal Mirrors January 2026 Pattern

On the technical side, analysts have pointed to a bearish fractal forming on Solana’s chart. According to a chart shared by analyst Elja, the current price structure closely mirrors a January 2026 setup where SOL bounced into resistance and then sold off sharply. In both cases, the coin pushed into a resistance band after a decline and lost momentum quickly.

https://twitter.com/Eljaboom/status/2034310769488416909?s=20

SOL’s market cap stands at $51 billion, a 42% discount compared to BNB’s $88 billion. Despite this, Solana’s network fundamentals are stronger in some areas — its 30-day network fees totaled $20.8 million vs. BNB Chain’s $9.1 million, and its TVL of $6.9 billion exceeds BNB Chain’s $5.7 billion.

Companies like Forward Industries and DeFi Development Corp., which adopted SOL as a treasury asset, are currently underwater on those positions.

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