Sol Rally Toward $100 Fizzles As Solana Competitors Rise

Solana’s native token SOL fell 11% over three days after peaking at $97.70, sliding to $87 and triggering $25 million in liquidations of leveraged long positions. The drop dented trader sentiment and increased the odds of a retest of the $80 level. Derivatives point to bearish conviction: the SOL perpetual futures annualized funding rate sat near 0%, reflecting little demand for longs after a month of dominated bear leverage, while under neutral conditions funding rates usually run near 9%.

Options markets showed a 12% delta skew as puts traded at a premium, suggesting whales and market makers are wary of holding downside exposure even with SOL about 70% below its all-time high. Onchain activity has weakened. Solana DApps revenue slid to $22 million, its lowest in 18 months and down from $36 million two months earlier.

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