The Solana network's SOL token has not been able to close above $145 since July 3. This is explained by a decrease in investor interest in cryptocurrencies, which led to a decrease in the total market capitalization by 5% in 9 days. SOL underperformed its peers, trading 7.8% lower, while BNB and Ether were down 6.5%. 😔

Traders fear that SOL's bearish momentum will continue even if the overall cryptocurrency market recovers some losses. However, Solana metrics and SOL derivatives indicate a possible change in trend.

Some Solana SPL tokens have underperformed significantly, which also explains the reduced demand for SOL. When participants in the Solana ecosystem lose money, less money circulates in its decentralized applications, which negatively affects the demand for SOL.

Overall, SOL remains the fourth largest cryptocurrency excluding stablecoins, with a market cap of $65 billion. Competitors Toncoin, Tron, and Avalanche have market caps of $18.4 billion, $12 billion, and $10.1 billion, respectively. Solana's Total Value Locked (TVL) matched BNB Chain for the first time on July 5th.

The Solana network is growing in terms of users and volume. The data shows that Ethereum, BNB Chain and Polygon experienced a decline in the number of active users, while Solana gained 19% over the past seven days. Solana DApps volumes totaled $703 million in the same period, up 12% from the previous seven days.

Finally, the markets for future SOL contracts should be analyzed. While it is impossible to determine what would cause SOL investors to regain confidence and push its price back to $160, the blockchain and derivatives performance shows no signs of stress.