Professional traders are increasingly hedging against downside risk in SOL, according to options market data.

The 30-day delta skew has risen to 12%, meaning put (sell) options are trading at a premium over calls—typically a sign of bearish expectations. Market makers and whales appear cautious about SOL holding current levels.

The sentiment comes as onchain activity weakens, with DApp revenue on the Solana network dropping to its lowest level in 18 months.