Solana’s native token SOL has fallen 11% over three days, with derivatives markets pointing to growing bearish sentiment.

Funding rates for perpetual futures have dropped to near 0%, indicating weak demand for long positions. At the same time, $25 million in leveraged longs were liquidated as SOL fell toward $87, adding pressure on trader confidence.

Analysts say the current setup increases the likelihood of a retest of the $80 level as bulls show limited conviction.