Solana's native token, SOL, fell to a two-week low of $213 amid a broader market sell-off, with concerns about inflation and the labor market contributing to a 12% price drop that triggered $112 million in liquidations of leveraged long positions. Despite the market's cautious sentiment, historical trends indicate potential short-term gains following negative funding rates for SOL. Over the past week, network activity on Solana has declined significantly, attributed to competition from rivals like Hyperliquid, alongside reduced active addresses and network fees. However, developments such as a $100 million convertible note by Fitell Corp to create a Solana treasury strategy suggest fundamental support for SOL's price. While current market outlooks raise questions about a retest of the $200 level, Solana maintains strong metrics in transactions and total value locked, hinting at eventual price recovery as risk appetite returns in the crypto market.

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