SOL fell to 2026 lows as tech sector layoffs and artificial intelligence revenue concerns hit markets. Despite the bleak environment, Solana outpaced competitors with network fees jumping 81%, securing its vice-leadership. Solana’s native token, SOL (SOL), traded down to $100.30 on Saturday, reaching its lowest levels since April 2025. While the 18% price correction over 30 days took traders by surprise, the movement largely mirrored broader altcoin market capitalization trends.
Solana onchain activity has outpaced its competitors, consolidating its position as the runner-up in network fees and Total Value Locked (TVL). Solana network fees jumped 81% above the trend over the past 30 days, according to Nansen data. Additionally, active addresses grew by 62%, and transactions soared to 2.29 billion. In comparison, the Ethereum ecosystem—including layer-2 solutions—totaled 623 million transactions, while Ethereum base layer fees grew by only 11%.
Solana remained the clear leader in decentralized application (DApp) activity. The annualized funding rate on SOL perpetual futures plunged to -17%, meaning shorts (sellers) are paying to keep their positions open. This condition is unusual, rarely lasts long, and indicates an extreme lack of leverage appetite from bulls. Solana spot exchange-traded funds (ETFs) saw $11 million in net outflows on Friday, according to CoinGlass.
Meanwhile, listed companies using SOL as a corporate reserve strategy are under pressure. SOL’s path to reclaiming bullish momentum depends largely on renewed confidence in global economic growth and reduced socio-political risks, which may not materialize in the short term.
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