SOL Token Dips 4% Despite ETF Filings and Institutional Interest: Market Eyes DeFi Revival

Solana (SOL) is currently trading at $139.52, reflecting a 4.05% decline over the past 24 hours based on Binance data. The recent price drop can be attributed to a combination of mild bearish sentiment in the broader crypto market, short-term profit-taking, and the absence of major positive catalysts despite ongoing institutional interest. While significant developments such as the filing of a spot Solana ETF by Invesco Ltd. and Galaxy Digital, as well as new tokenization initiatives and a large crypto fund targeting Solana, have reinforced long-term optimism, they have not immediately translated into upward price momentum. Solana remains the sixth-largest cryptocurrency by market capitalization, with robust liquidity and continued high trading activity, though it has experienced an 18% decline over the past month and modest downward pressure this week. Overall, the market is closely watching for renewed DeFi activity and broader adoption to potentially drive future gains.