Solana's native token SOL faced a rollercoaster ride, plummeting 21% and triggering liquidations worth $113 million. The $130 crucial support level is now under the microscope.

Solana's Ecosystem Dynamics and Coinbase Collaboration

Despite Solana's seemingly inflated $60 billion market cap, the network's expansion justifies the buzz. With Coinbase's recent integration, trading over 50,000 SOL SPL tokens became a breeze, ushering in accessibility and growth.

• SOL futures open interest dropped by 40%.
• Funding rates act as a sentiment gauge, currently indicating a balanced interest between long and short positions.

Network Challenges and DApp Momentum

Despite recent congestion woes and project setbacks within the Solana ecosystem, DApp activity continues unabated. The performance of SPL tokens like Jito, Raydium, and others reflect market challenges.

• Memecoins and DeFi tokens experienced significant drops.
• DApp activity remains a key driver of SOL's price movements.

Amidst uncertainties, Solana's steady on-chain activity and futures market stability provide optimism. However, ongoing network challenges might test the durability of SOL's premium valuation compared to peers.