📉 Solana's native token, SOL, has seen a 24% correction since June 7, underperforming against the total crypto market cap. Factors such as lack of an ETF, fierce competition in smart contract-focused blockchains, and a staking reward rate just 1.3% above the SOL token inflation rate are contributing to the bearish momentum. BitMEX's ex-CEO, Arthur Hayes, predicts Solana won't be a top DApps network in 1-3 years, favoring Aptos instead. With SOL's derivatives traders showing little appetite and DApp volumes low, SOL might break below the $130 support level soon. 😅