Solana's token, SOL, is down 3% on October 31 due to minor corrections in the broader crypto market. The price is trading at $173 after failing to maintain levels above $180. This drop is linked to decreased on-chain activity, as evidenced by the total value locked (TVL) in Solana's network, which fell sharply from $7.2 billion to $6.2 billion. Additionally, Solana's economic activity has diminished, with revenues declining from about $10 million on October 24 to $7 million now. Furthermore, several Solana memecoins are experiencing significant losses, reacting negatively to the decline in market activity. This has led to a decrease in the market capitalization of Solana-based tokens, down to $275.2 billion. The drop coincides with a bearish divergence in SOL's price and its relative strength index (RSI), indicating weakness. Traders are likely reacting to these factors, contributing to the ongoing decline in SOL's price.

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