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Ahmed Balaha
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Solana’s chain numbers just showed a big warning sign.
DApp revenue dropped to $22 million last month. That’s the lowest it’s been in 18 months. And for a network that’s supposed to be thriving, that’s a hard number to ignore.
Cows still clutching their SOL bags might want to pay attention. Because when money dries up like this, lower support levels tend to follow.
- Fall of Money: Environmental revenue fell to $22 million, down from $36 million two months ago.
- Derivatives Bearish: Funds are down at 0% while placing options trades at an important rate of 12%.
- Price Risk: Weak hands and whale barrier with the price rising against support at $87, with $80 as the latest target.
Solana DApp Revenue on 18-Month Down: What the Data Shows
Solana DApps had their worst month in over a year. We’re talking $22 million, down from $36 million two months ago. That’s a big drop.
To be fair, the whole market is hurting. BNB Chain’s revenue fell 52% during the same period. But Solana has a problem.
Losing the perps war.
How much DEX is there? Still strong. Raydium and Orca hold it down. But perpetual contracts are where the real money flows, with platforms like Hyperliquid, Edgex, and Zklighter now commanding 80% of that market.
Hyperliquid also added S&P 500 perps with a license. Entrepreneurs want great exposure, and are going wherever they can get it. That’s not Solana right now.
Payments are still available. Drawing money is not.
Can Solana’s Price Be Supportive Or Is A Retest Of $80 Coming?
SOL is sitting at $87 right now. And the market is not confident that it is holding.
The price is down 70% from its all-time high. Derivatives don’t help the case either.
Interest rates on SOL perps are close to 0%. The average market hovers around 9%. That gap tells you that nobody wants to be long right now.
The options markets are saying the same thing. Delta skew has reached 12%, which means that they are selling more on the phones. Big funds pay extra to cover the risk.
Losing $87 on the daily close and the next real support is $80. That retrial is on the table.
In order for the bulls to change the script, SOL has to take another $100 and hold it. Until that happens, the trend is down and the bears rule.
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