Solana’s SOL token fell to 2026 lows near $100 amid a broad market downturn triggered by tech sector layoffs and concerns over artificial intelligence company revenues. Despite the price decline, the Solana network demonstrated strong fundamental activity, with onchain fees surging 81% and transactions far outpacing major competitors over a 30-day period.
Solana’s native token, SOL, fell to $100.30 on Saturday, its lowest level since April 2025. The 18% monthly correction mirrored broader altcoin trends and risk-aversion fueled by a sharp drop in silver prices earlier in the week.
Market sentiment weakened after $165 million in leveraged bullish SOL positions were liquidated. Fears escalated further following Amazon’s announcement of 16,000 white-collar job cuts and rising geopolitical tensions.
Investors grew more cautious upon learning that OpenAI accounted for 45% of Microsoft’s Azure cloud backlog. Additional tension stemmed from a Wall Street Journal report that Nvidia would no longer invest $100 billion in OpenAI, which is reportedly expected to face $14 billion in net losses in 2026.
Despite the bleak environment, Solana’s onchain activity outpaced competitors. Network fees jumped 81% above trend, active addresses grew 62%, and transactions reached 2.29 billion over 30 days, according to Nansen data.
Demand for leveraged bullish positions on SOL vanished as traders sought safer assets. The annualized funding rate on SOL perpetual futures plunged to -17%, as shown on laevitas.ch, indicating an extreme lack of appetite from bulls.
Solana spot exchange-traded funds saw $11 million in net outflows on Friday. Public companies holding SOL as a reserve, including Forward Industries, Upexi, and Sharps Technology, traded 20% or more below their net asset values.
