Solana's native token, SOL, is down 3% on January 29, trading at $231, which is 23% below its all-time high of $294 reached on January 19. Contributing factors include a marketwide sell-off ahead of the US Federal Reserve's interest rate decision and decreasing investor interest in Solana's DeFi ecosystem, evidenced by a 10% drop in Total Value Locked (TVL) from $12.9 billion to $11 billion since January 19. Additional analysis shows a decline in network transactions, dropping from a high of 71,738 on January 23 to 59,076 by January 28. The technical outlook indicates a potential further drop towards $182 if SOL fails to maintain support at $225. Overall, these dynamics reflect waning user engagement and may point towards continued downward pressure on SOL's price.

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