SOL struggles to hold $80 as traders pare positions and activity slides

SOL has repeatedly failed to climb back above $89 in the past two weeks and is struggling to hold $80 after a mid-January rejection at $145 and a crash to $67.60 on Feb. 6. Futures open interest has plunged 75% from a $13.5 billion peak five months ago, a sign that traders are exiting positions rather than opening new bets.

Bears are currently paying an annualized 20% to keep short positions open, an unusually aggressive stance that has persisted for more than a week. By contrast, ETH’s annualized funding rate was about 1% on Wednesday. Over the past 30 days SOL has underperformed the wider market by roughly 11%, and the token is down 67% from its $253 peak in September 2025.

Onchain activity and dApp revenue have weakened on Solana as prices fell. Weekly dApp revenue dropped to $22.8 million, the lowest since October 2024, with the memecoin launchpad Pump accounting for $9.1 million—about 40% of the network’s total that week.

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