Solana's native token, SOL, has been struggling to close above $145 since July 3, underperforming its competitors. This is partly due to decreased investor interest in cryptocurrencies, which saw the sector's market capitalization drop by 5% in nine days. However, on-chain metrics and SOL’s derivatives suggest a reversal may be on the horizon. Despite some of Solana's SPL tokens underperforming, SOL remains the fourth largest cryptocurrency, excluding stablecoins, with a $65 billion market capitalization. Furthermore, the total value locked in Solana matched the BNB Chain for the first time on July 5.