Solana's native token, SOL (SOL), faced an 11% correction following a rejection at $93 on Wednesday, leading traders to fear a potential retest of $75. The increasing dominance of the rising Ethereum Layer-2 system is challenging for Solana as network fees have decreased over the past two months. Total value locked (TVL) on Solana stood at $6.3 billion, a significant gap between Solana and competitor, but the gap remains wide compared to the $54.1 billion paid for by Ethereum. Despite this decline, Solana's DEX volumes have dropped to $55.5 billion, their lowest levels since September 2024, according to DefiLlama data. The decline is attributed to lower activity in decentralized exchange (DEX) volumes.