SOL Token Dips 3.45% Amid $2M+ Exchange Withdrawals and Surging Institutional Interest

Solana (SOL) is currently trading at $141.44 on Binance, reflecting a 3.45% decline over the past 24 hours from an open of $146.49. The recent price decrease can be attributed to a combination of market-wide volatility, as seen in the broader cryptocurrency sector, and specific developments such as significant withdrawals of over 2 million SOL from exchanges to cold wallets, which may have contributed to reduced liquidity and increased short-term price pressure. Additionally, while institutional interest remains strong—evidenced by record futures trading volume on CME, the filing of a spot Solana ETF by Invesco and Galaxy Digital, and Upexi’s expansion of SOL holdings—recent fluctuations in Upexi’s share price and broader risk aversion among investors have likely influenced sentiment. Despite the price drop, Solana maintains high trading volume and a market capitalization of approximately $76.92 billion, ranking it sixth among global cryptocurrencies, with ongoing institutional adoption and ecosystem developments supporting long-term interest.