Solana’s chain numbers just threw up a major warning sign.
DApp revenue collapsed to $22 million last month. This is the lowest level in 18 months. And for a network expected to thrive, that’s a ballpark figure to ignore.
Bulls who are still holding their SOL bags may want to pay attention to this. Because when revenues dry up like this, lower support levels tend to follow.
- Collapse of income: Ecosystem revenue fell to $22 million from $36 million two months ago.
- Bearish derivatives: Funding rates have stabilized at 0%, while puts trade at a significant premium of 12%.
- Price risk: Weak hands and whale covering push prices towards the $87 support, with $80 as the immediate downside target.
Solana DApp revenue at 18-month low: what the data shows
Solana DApps just had its worst revenue month in over a year. We’re talking $22 million, up from $36 million two months ago. That’s a big drop.
To be honest, the whole market is suffering. BNB channel revenue fell 52% during the same period. But Solana has a specific problem.
It’s losing the criminals’ war.
Find DEX volume? Still solid. Raydium and Orca hold this down. But perpetual contracts are where the real money flows, and platforms like Hyperliquid, Edgex, and Zklighter now control over 80% of this market.
Hyperliquide has even added licensed S&P 500 perps. Traders want more exposure and they are going wherever they can get it. It’s not Solana at the moment.
The liquidity is still there. Revenue capture simply isn’t.
Can Solana Price Hold Support or Is a Retest of $80 Ahead?
SOL currently sits at $87. And the market is not sure of its performance.
The price is down 70% from its all-time high. Derivatives data doesn’t help either.
SOL agent funding rates are close to 0%. Normal markets are around 9%. This gap tells you that no one wants to be long right now.
The options markets say the same thing. Delta skewness has reached 12%, meaning that puts are trading at a premium to calls. Large investors pay extra to protect themselves against a crash.
Lose $87 on a daily close and the next real support is $80. This new test is very much on the table.
For the bulls to reverse the scenario, SOL must grab $100 and hold it. In the meantime, the trend is down and the bears remain in control.
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