SOL Token Dips 2.42% Amid ETF Speculation, Institutional Moves, and Binance’s Sharia Earn Launch

Solana (SOLUSDT) experienced a 2.42% price decrease over the past 24 hours, trading at $159.45 on Binance, with a 24-hour open of $163.40. The recent price movement is primarily attributed to ongoing volatility related to speculation about a potential Solana ETF, increased institutional activity, and significant company investments in the Solana ecosystem. Notable developments include BIT Mining's decision to shift its treasury to Solana and efforts by other firms to raise capital for Solana-based projects, which have driven market interest but also contributed to short-term fluctuations. Additionally, the launch of Sharia Earn by Binance, allowing users in 29 countries to stake SOL in compliance with Islamic finance principles, has expanded access and utility for the asset. Trading volume remains high, reflecting active participation and heightened interest among both retail and institutional investors. Overall, Solana's market capitalization stands at $85.53 billion, ranking it as the sixth largest cryptocurrency, with continued volatility expected as ETF-related developments unfold.