Solana’s SOL token fell below $100 on February 2nd, reaching its lowest price since early April of last year amid a broader cryptocurrency market decline. The drop coincided with negative funding rates in derivatives markets, signaling increased bearish sentiment among traders. However, on-chain data showed a countervailing trend, with the network’s daily active addresses rising significantly to 4.87 million, suggesting underlying user activity persisted despite the price weakness.
Solana slipped below the $100 level on February 2nd, marking its lowest point since early April last year. The decline followed a broader market pullback linked to heightened geopolitical tensions and macroeconomic uncertainty.
Risk appetite weakened across crypto markets, and SOL tracked the downside alongside other large-cap assets. Derivatives data reflected growing seller control as SOL’s Funding Rates turned negative again.
Negative Funding Rates typically indicate short sellers paying to maintain positions, a sign that bearish bias outweighs bullish leverage. That shift mirrored conditions seen earlier in the cycle on October 10th, 2025, which preceded a sharp downside continuation.
If seller dominance persists, Solana could remain vulnerable to further losses in the near term. Even so, on-chain data offered a counterpoint as Solana’s Active Addresses began recovering despite the price decline.
Santiment data showed daily Active Addresses rose by roughly 870,000, bringing the total to 4.87 million. That increase suggested renewed user activity rather than broad capitulation.
Solana appeared caught between conflicting signals of bearish derivatives positioning and improving network activity. Whether SOL stabilizes or extends losses will depend on how long seller control persists.
