SOL Token Dips 2.15% Amid Anticipation of First US Spot Solana ETF and Market Volatility

Solana (SOL/USDT) experienced a 2.15% price decline over the past 24 hours, with the current price at $147.75 on Binance, down from a 24-hour open of $151.00. The recent price action is largely attributed to market reactions surrounding the anticipated launch of the first US spot Solana ETF, which is expected to include on-chain staking and has generated significant attention and volatility. While initial confirmation of the ETF launch led to a brief rally, the price has since retraced amid broader market uncertainty, including concerns over upcoming large SOL unlocks, a decline in network revenue, and stablecoin market cap on the Solana network. Additionally, significant inflows into Solana digital asset funds and new staking activity have provided some support, but selling pressure related to scheduled unstaking events remains a factor.

Currently, Solana holds a market capitalization of approximately $79.44 billion to $80.94 billion, with a 24-hour trading volume between $3.10 billion and $6.21 billion, ranking as the sixth-largest cryptocurrency by market cap and maintaining robust trading activity despite recent volatility.