SOL Token Drops 7.74% as Whale Outflows and Developer Shifts Reshape Solana’s Market Outlook

Solana (SOL) experienced a sharp 7.74% price decline over the past 24 hours, with the Binance price dropping from 154.43 to 142.47. This decline is primarily attributed to significant whale outflows, as approximately 3 million SOL were transferred to exchanges, increasing selling pressure and driving bearish sentiment. Additional contributing factors include scheduled token unlocks, waning interest in SOL-related memecoins, and ongoing regulatory uncertainty, particularly following recent SEC actions. The Solana ecosystem is also undergoing notable shifts, with leading developers departing and venture-backed projects gaining prominence, which may impact future innovation. Despite these challenges, Solana maintains strong trading activity, with a 24-hour volume of approximately $3.35 billion and a market cap around $78.2 billion, ranking it as the sixth-largest cryptocurrency by market capitalization.