Solana DApp Revenue Drops to 18-Month Low; SOL Price Falls to $87, Triggering Liquidation
Solana ecosystem decentralized application (DApp) revenue has fallen to an 18-month low, declining to $22 million from $36 million two months ago. The price of SOL has fallen 11% over the past three days to $87, triggering the liquidation of $25 million in long positions. Perpetual contract funding rates are near 0%, indicating weak long demand, while leveraged demand has been dominated by short positions over the past month. The options market delta skew has risen to 12%, with put options trading at a premium, showing a lack of confidence among professional traders in the $87 support level. Furthermore, while Solana maintains its leading position in decentralized exchange (DEX) trading volume, it faces fierce competition from Hyperliquid in the perpetual contract trading space, which holds over 80% market share. $SOL
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