**Solana's SOL Token Faces Challenges Despite Network Growth**

Solana's native token, SOL, has struggled to break past the $150 mark since August 11, despite consistent buying activity around the $125 support level. Interestingly, the Solana network has seen significant growth in deposits and activity, but this hasn't translated into a price increase for SOL.

**Key Points:**

- **Memecoin Hype Fades:** Recent hype around SOL was driven by memecoins and airdrops, which have seen significant price drops.

- **Network Activity Decline:** Solana's DeFi, NFT, and other sectors have seen reduced activity, impacting SOL's performance.

- **ETF Uncertainty:** Hopes for a Solana spot ETF were dampened after the SEC raised concerns, leading to Cboe Global Markets halting their application process.

Despite these challenges, some decentralized applications (DApps) on Solana, like Jito and Raydium, have shown increased fees and activity. However, the overall decline in network activity and regulatory uncertainties continue to weigh on SOL's price potential.