Solana’s native token, SOL, is currently valued at 185.42 USD, experiencing a failure to hold above the 200 USD mark. This reflects a broader 3.5% market downturn over two days, leading to December 27, with SOL seeing a sharper 5.1% correction.
The on-chain network activity of Solana has dropped by 30%, raising alarms about potential further declines in SOL’s price. This is attributed to a significant decrease in decentralized application usage, particularly on platforms like ORCA and Raydium, which saw drops of 39% and 30%.
Despite price challenges, futures market data indicates resilience in Solana. A notable 10% annualized premium in SOL’s futures trading suggests a neutral-to-bullish sentiment among traders, implying they foresee limited downside risk, especially below 180 USD for Solana’s pricing.