Solana DApps revenue falls to 18-month low as SOL price risks $80 retest

💡 DMK Insight

SOL’s current price of $89.14 reflects a troubling trend: declining onchain activity coupled with bearish derivatives data. This combination signals that a price recovery might not be on the horizon as quickly as many traders hope. The weakening onchain metrics indicate reduced user engagement and transaction volume, which are critical for sustaining bullish momentum. Additionally, bearish sentiment in the derivatives market suggests that traders are hedging against further declines, which could lead to increased selling pressure. For those looking to trade SOL, it’s crucial to monitor key support levels—if SOL breaks below $85, it could trigger further sell-offs. On the flip side, if SOL manages to hold above this level, it might attract bargain hunters looking for a rebound. Keep an eye on the next few days; any significant uptick in onchain activity or a shift in derivatives sentiment could provide a clearer picture of SOL’s potential recovery path.