Market pessimism surrounding Solana has jumped to its highest level so far in 2026. Trading volume has also fallen to the lowest of the year, rapidly cooling investor sentiment.

On July 9, blockchain outlet The Crypto Basic reported that on-chain analytics platform Santiment said negative sentiment on social media reached a yearly high as Solana’s price decline continued. Trading participation also fell sharply.

Indicators show a similar trend. Solana traded around $77.80, and trading volume over the past 7 days was estimated at about $2.27 billion. Volume has continued to decline since late January. Negative sentiment rose to 14.05, the highest level since November 2025.

A mismatch between market expectations and price moves was also cited as a factor worsening sentiment. Expectations have spread in the Solana ecosystem for tokenised stocks and the introduction of real-world assets (RWA), but SOL has failed to post a meaningful rise. Santiment said many traders were disappointed as those expectations did not lead to an actual price rebound.

The price trend itself is seen as still too weak to raise expectations of a rebound. SOL rose 0.92 percent over the past week and 16 percent over the past month, but it is down 37 percent since the start of the year and down 49 percent over the past 12 months. The fact that many long-term holders remain in a major loss zone was also cited as a factor adding to bearish sentiment.

Santiment did not view the current phase solely as a one-way bearish signal. It said there have been cases where extreme pessimism and thin trading appeared before an unexpected rebound, and if buying pressure returns, participants with large funds could move prices more easily. It added that Solana may have entered an environment with low interest and high FUD, meaning prices could have room to rise if sentiment improves.

Still, Santiment did not foreshadow an immediate rally. It said current conditions are historically a phase worth watching for contrarian investors tracking shifts in market sentiment.

Some market participants are also watching similar price levels. Market analyst Michaël van de Poppe (미하엘 반 데 포페) said in a recent commentary that Solana at the current price range is becoming increasingly interesting. He said that if it holds the $73 to $76 zone and then moves higher again, it could be a strong signal that the market is ready to jump toward the $100 psychological resistance level.

Key short-term variables are focused on a recovery in trading and whether investor sentiment reverses. With expectations for tokenised stocks and real-world assets failing to translate into real price momentum, the next point to watch is whether SOL can hold support at $73 to $76 while reviving buying interest.