SOL Token Drops 8.26% Amid Market Volatility as ETF Speculation Fuels Uncertainty

Solana (SOL) experienced a significant price decline of approximately 8.26% over the last 24 hours, with the current price at $145.60 (Binance data). This sharp drop is primarily attributed to broader market volatility and short-term bearish sentiment, as evidenced by a recent 10% fall and an 11.96% weekly decrease. Contributing factors include profit-taking after recent gains and uncertainty ahead of anticipated regulatory developments, such as the potential approval of spot Solana ETFs by the US SEC, which is currently generating high market speculation. Despite the decline, Solana maintains strong liquidity with a 24-hour trading volume of $6.10 billion and a market capitalization of $76.26 billion. Technical indicators show SOL holding near its 200-day SMA at $166.29 and an RSI of 48.88, suggesting neutral momentum and the potential for future price movement as ecosystem developments and institutional interest continue to evolve.