SOL Token Drops 6% Amid $22.67M Liquidations, Trading Volume Doubles as Market Volatility Surges

Solana (SOLUSDT) experienced a 6.03% price decline over the past 24 hours, dropping from a 24h open of $137.39 to $129.10 on Binance. This downward movement is primarily attributed to heightened market volatility, which triggered $22.67 million in Solana liquidations, and broader negative sentiment linked to global tensions and a general downturn in the crypto market. Despite the price drop, Solana saw a significant 100% spike in 24-hour trading volume, reflecting increased trading activity amid the sell-off. Key developments include institutional adoption by major financial institutions, ongoing network upgrades, and upcoming launches such as Solaxy, the first Layer 2 for Solana, scheduled for June 2025. Recent token burns and airdrop initiatives are also aimed at supporting network activity and supply reduction. As of June 22, 2025, Solana remains among the top cryptocurrencies by market capitalization, with a current price of $129.10 and a market cap of approximately $71.63 billion, though short-term sentiment is bearish following a 15.4% weekly decline.