SOL Faces 3% Drop Amid 2.8M Token Transfer, Institutional Investment Fuels Long-Term Optimism

Solana (SOL) is currently trading at $156.88 with a 24-hour trading volume of approximately $3.74 billion, ranking #6 by market capitalization; the price has declined by 3.17% over the past 24 hours, opening at $162.01. The recent price drop is attributed to continued selling pressure following a significant transfer of 2.8 million SOL to a Binance cold wallet, ongoing exchange withdrawals reducing available supply, and technical weakness after failing to break resistance in the $160–$165 range. Despite these short-term pressures, Solana’s ecosystem saw notable developments, including a strategic partnership with Dubai’s VARA and a $500 million institutional investment from Classover, which have contributed to sustained institutional interest and long-term optimism.