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

ChainCatcher news, according to Cointelegraph, Solana ecosystem decentralized application revenue has dropped to an 18-month low, and SOL price faces the risk of retesting $80. Over the past three days, SOL has fallen 11% to $87, triggering $25 millions in long position liquidations.

The perpetual contract funding rate is close to 0%, indicating weak demand from longs, and in the past month, shorts have dominated leveraged demand. The options market delta skew has risen to 12%, with put options trading at a premium, showing that professional traders lack confidence in the $87 support level. Solana DApps revenue has dropped from $36 millions two months ago to $22 millions, marking an 18-month low.

Although Solana maintains its lead in DEX trading volume, it faces fierce competition from Hyperliquid in the perpetual contract trading sector, with the latter occupying over 80% of the market share.