Solana's native token (SOL) experienced a 9% drop on January 18, reaching a low of $91.40.

This decline is in line with the broader cryptocurrency market, struggling to maintain a total market cap above $1.6 trillion in 2024.

Despite this dip, SOL had an impressive 84% gain in December 2023, driven by the hype surrounding Solana SPL token airdrops like Jito, BONK, and Dogwifhat.

These airdrops generated increased demand for the Solana Saga Phone, with some projects offering exclusive incentives to users.

However, recent corrections in BONK (15%) and Jito (19%) signal a shift in sentiment. Overly optimistic airdrop expectations and delayed launches contributed to SOL's recent downturn, as few tokens reached their anticipated valuations and trading volumes.