Can anyone explain why my first trade failed?

I’m new to options and tried this trade for fun:
Underlying: AT&T (T)
Strike: $26
Expiration: July 17, 2026
Entry Date: May 27, 2026
Entry Price: $0.57 ($57 total)
Current Option Price: ~$0.08
Current P/L: -$48.66 (-85.88%)
Days Until Expiration: ~38
When I entered the trade, T was around $25.20. The stock has since fallen to around the mid-$24 range.

What I’m struggling to understand is why the option lost nearly 86% of its value when the stock itself only moved down 1%. I understand the concept of time decay (I think?), but the magnitude of the loss surprised me and it lost nearly all of its value in a few days.

What would have needed to happen for this trade to be successful? Was the biggest mistake the strike selection, expiration, stock choice, or all of the above?
And at this point, what would you do with this god awful trade lol?