SOL Rises 2.38% as Institutional Interest Grows and Exchange Balances Drop Amid $3.5B Volume

Solana (SOL) is currently trading at $178.23 on Binance, with a 24-hour price increase of 2.38% and a trading volume of over $3.5 billion, maintaining its position as the sixth-largest cryptocurrency by market capitalization. The recent price uptick is likely influenced by positive institutional sentiment, including Standard Chartered’s new coverage and a year-end price target of $275, as well as ongoing accumulation behavior with a notable drop in exchange balances. Additionally, Binance’s Super Stake campaign and continued interest in Solana’s network utility are supporting demand, although recent declines in stablecoin transfer volumes and net outflows from the Solana ecosystem may be tempering stronger gains.