Analysis: Solana DApp revenue has dropped to an 18-month low, and the SOL price faces the risk of retesting $80

According to Cointelegraph, the revenue from decentralized applications in the Solana ecosystem has dropped to an 18-month low, and the SOL price is at risk of testing $80 again. SOL has fallen 11% to $87 in the past three days, triggering the liquidation of $25 million in long positions.

The perpetual contract funding rate is close to 0%, indicating weak demand from bulls, with bears dominating leverage demand over the past month. The delta skew in the options market has risen to 12%, with put option premiums trading, showing that professional traders lack confidence in the $87 support level. Solana DApps revenue has decreased from $36 million two months ago to $22 million, marking an 18-month low.

Although Solana remains a leader in DEX trading volume, it faces fierce competition in the perpetual contract trading space from Hyperliquid, which holds over 80% market share.