In line with DefiLlama knowledge, Solana ended Could in first place on the all-chain app income chart with $90.62 million. Regardless of this bullish view, $SOL The month ended with eight consecutive crimson month-to-month candles, the longest dropping streak in token historical past. The community continued to print cash whereas the asset continued to print low costs.
The dropping streak began in October final 12 months. $SOL It was buying and selling at about $220. Quick ahead to Could, and the token ended the month round $82. This can wipe out about $78 billion in market capitalization, leaving about $47 billion in tokens.
Why app income is cleaner than TVL
App income is the cash that your software really receives from customers. It isn’t a transaction depend that may be inflated by bots, neither is it a locked complete worth that may fluctuate relying on the token value. That is the precise charge paid for utilizing the product on-chain and is the closest a cryptocurrency will get to studying a product's market suitability. The Solana app gained extra customers in Could than another community, extending the lead the chain has held for many of the previous 12 months.
At the moment, many of the app income on the community comes from transactions and token launches. Pump.enjoyable alone accounted for about 42% of Solana app income by way of the primary quarter of this 12 months. An vital a part of the token value comes from the truth that the income flows to the app workforce and to not the app workforce. $SOL holder. Utilization proves that folks need the product. That was by no means the proof they wished. $SOLand the eight crimson candlesticks characterize what that hole appears like on the chart.
One Inexperienced Pillar: ETF Flows
Regardless of a weak month for the asset class, Solana's spot ETF flows present that institutional demand stays regular. Knowledge from SoSoValue highlights that the Solana Spot ETF ended Could with cumulative inflows of $115.34 million, with out recording a single day of outflows all through the month. This occurred regardless that Bitcoin ETF outflows have been -$2.43 billion in Could, the worst month since November, and Ethereum ETF outflows have been -$540.88 million. plus moon $SOL Which means that the ETF in Could has maintained constructive flows each month since its inception final October.
Bear tape as an alternative of Solana's failure
This stripe appears worse by itself than in context. Bitcoin suffered its third crimson month in 2026, opening June beneath $72,000, whereas Ethereum fell beneath $2,000, leaving the cryptocurrency's market cap at almost $2.46 trillion. Messari defined that the market was in a very bearish section within the first quarter. $SOL's eight-month slide is the clearest model of the tape, which works towards nearly each main asset.
What determines June
Bull catalysts are stacked. The Alpenglow improve targets a finality close to 150ms, and demand for the ETF continues to emerge, with Solana's RWA worth growing 43% to just about $2 billion within the first quarter. The dangers are simply as actual. Leverage stays unfastened, trade-driven income may fade if the Launchpad cycle cools, and competitors is heating up, with HyperLiquid anticipated to outperform chains in charge income in 2026.
June began like this $SOL Almost $80 and a brand new month-to-month candle. In the event that they keep this ground, their profitable streak will finish at eight. Once you lose it, 9 comes into view.
