Why is Solana (SOL) price down 9% this week?

Solana’s native token SOL dropped under $100 due to reduced demand for the network’s DApps and negative SPL token performances.

Solana's native token SOL experienced a 22% plunge in just eleven days after reaching $126.30 on Dec. 25, 2023.

Some analysts may argue that the bullish momentum persists, as its current price of $98.40 represents a 61% gain from the previous month.

However, crypto traders tend to shift their portfolios swiftly when better opportunities arise.

Investors are now questioning whether Solana's network activity confirms the deteriorating sentiment toward SOL's token price.