Solana’s native token, SOL, fell to $100.30, hitting its lowest levels since April 2025. The 18% price correction mirrored broader altcoin market trends. SOL outpaced competitors with network fees jumping 81%. Leveraged bullish positions worth $165 million were liquidated, worsening sentiment amid escalating tensions in Iran and tech layoffs.

Despite a bleak environment, Solana’s onchain activity surpassed competitors, ranking second in network fees and Total Value Locked. Active addresses grew by 62%, transactions hit 2.29 billion, and fees surged 81% in the past 30 days. Ethereum lagged behind with 623 million transactions and 11% fee growth. SOL led in DApp activity.

The annualized funding rate on SOL perpetual futures plummeted to -17%, indicating a lack of leverage appetite from bulls. Political disputes over US government funding led to an unusual condition where shorts paid to keep positions open. The US Senate approved a funding package, with the House set to vote on the final version.

Solana spot ETFs saw $11 million in outflows, while listed companies using SOL as a corporate reserve faced pressure. Renewed bullish momentum for SOL hinges on improved global economic growth and reduced socio-political risks. Confidence may not materialize in the short term, impacting SOL’s path to recovery.

Read more at Cointelegraph: SOL Falls To $95 As Bitcoin, Gold, Silver Sell-off: What’s Next?