Solana's DApp revenue has hit an 18-month low, dropping to just $22 million .

Solana DApps Revenue Hits 18-Month Low—SOL Risks $80 Retest as Perps Volume Leaks to Hyperliquid

Solana's on-chain activity is cooling fast. DApp revenue has dropped to $22 million—the lowest in 18 months, down from $36 million just two months ago. SOL slid 11% in three days to $87, wiping out $25 million in long positions. Funding rates near zero point to limp demand from bulls; shorts have been in control for weeks.

Options traders are also cautious: delta skew hit 12%, with puts trading at a premium—a sign that pros don't trust the $87 floor. Meanwhile, Solana's dominance in DEX volume isn't enough to offset the perps bleed. Hyperliquid now eats over 80% of the perpetuals market, leaving SOL exposed. The next test? $80.