Solana's decentralized application (DApp) revenue has plummeted to an 18-month low, raising concerns about the price stability of SOL, which is at risk of retesting the $80 mark. Over the past three days, SOL has dropped 11% to $87, leading to $25 million in long position liquidations. The perpetual contract funding rates are near 0%, reflecting weak demand for long positions, while shorts have dominated leveraged demand in the past month. The options market shows a delta skew of 12%, with put options trading at a premium, indicating professional traders' lack of confidence in the $87 support level. Solana's DApp revenue has decreased to $22 million from $36 million two months ago, marking the lowest point in 18 months. Despite maintaining a lead in decentralized exchange (DEX) trading volume, Solana faces stiff competition from Hyperliquid in the perpetual contract trading sector, where Hyperliquid commands over 80% market share.