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Solana's native token SOL has dropped 6% after failing to reach $147, amidst weak US job market data and soft consumer sentiment. Total value locked on Solana has fallen to $10.8 billion, with several top projects seeing deposit declines of 20% or more. Trading activity on Solana DEXs has also dropped sharply, while new spot ETFs for rival altcoins increase competition. The expected government stimulus could reignite demand for Solana.
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