SOL Token Drops 3.74% as Invesco, Galaxy Digital ETF Filing Sparks Volatility and Record Trading

Solana (SOL) experienced a 3.74% price decline over the past 24 hours, with the current price at $147.33 and 24-hour trading volume at approximately $6.45 billion. The primary drivers of this price movement include heightened market volatility following the announcement of a new Solana ETF filing by Invesco and Galaxy Digital, which led to increased trading activity and a sharp price drop. Additional contributing factors are the rise in SOL balances on centralized exchanges, indicating increased selling pressure, and a shift to a negative futures funding rate, reflecting more traders taking short positions. Despite these short-term bearish signals, institutional interest remains elevated, with futures open interest near all-time highs and stablecoin supply on the Solana network reaching record levels. Overall, SOL is trading below key technical support levels, with mixed sentiment and ongoing regulatory discussions adding to market uncertainty.