SOL Token Dips 5.23% Amid Profit-Taking, High Open Interest, and ETF Filing Momentum

Solana (SOL) experienced a 5.23% decline over the past 24 hours, with the price dropping from 157.68 to 149.43 on Binance. This price correction is primarily attributed to profit-taking following a recent rebound, ongoing market volatility, and anticipation surrounding the upcoming Layer 2 launch, which has led to sideways trading after SOL peaked near $300 in January. Despite the short-term pullback, open interest remains elevated at approximately 42–44 million SOL, reflecting strong speculative activity, while major asset managers have filed for spot Solana ETFs, boosting long-term sentiment. Current market metrics show robust trading volume of $4.68 billion and a market capitalization of $73.04 billion, indicating sustained investor interest amid recent price fluctuations.