SOL Token Dips 2.75% as SEC Delays ETF Decision, Trading Volume Surges Past $3.7B

Solana (SOL) is currently trading at $146.21 on Binance, reflecting a 2.75% decrease over the past 24 hours from a 24h open of $150.34. The recent price decline is primarily attributed to the SEC's decision to delay its ruling on spot Solana ETF applications, which has heightened regulatory uncertainty and weighed on investor sentiment despite ongoing anticipation for a potential approval by July 31. Additionally, broader market caution surrounding the Federal Reserve's FOMC meeting has contributed to reduced risk appetite across major cryptocurrencies, including Solana. Despite the short-term bearish trend, Solana maintains high trading volumes (over $3.7 billion in 24h volume) and strong network fundamentals, with record stablecoin growth and continued ecosystem expansion supporting its position as the sixth-largest cryptocurrency by market capitalization.