SOL Token Drops 6% After ETF Rally Fades; $585M Unstaking Looms Amid High Trading Volume

Solana (SOLUSDT) experienced significant volatility in the past 24 hours, with the price dropping 6.22% to $147.72 on Binance, following an intraday high of $157.51. The price movement is primarily attributed to initial investor excitement over the upcoming launch of the REX-Osprey SOL + Staking ETF, the first U.S. ETF offering both Solana exposure and staking rewards, which led to a brief rally. However, the enthusiasm subsided as market participants weighed the relatively modest size of existing Solana investment vehicles and technical indicators turned bearish, with SOL slipping below its 50-day moving average and a decline in RSI. Additional selling pressure is anticipated due to over $585 million in SOL set to be unstaked within the next two months.

Currently, Solana is trading at $147.72 on Binance with a robust 24-hour trading volume, a market capitalization near $80 billion, and a circulating supply of approximately 534.61 million SOL, reflecting heightened market activity and institutional interest amid ETF-related developments.