SOL Token Drops 4% as 3 Million Coins Hit Exchanges Amid Whale Activity and Market Shifts

Solana (SOL) has seen a 4.02% decline in the past 24 hours, with the price dropping from a 24h open of $157.23 to $150.91 on Binance. This price movement is largely attributed to significant on-chain activity, including over 3 million SOL being transferred to exchanges and a notable spike in Coin Days Destroyed, indicating movement of long-held coins and potential profit-taking by large holders. Additionally, recent volatility follows a period of strong network activity and ecosystem growth, including record stablecoin issuance and rising derivatives volume, but increased sell pressure from whales and broader market consolidation have contributed to the short-term decline. Solana remains the sixth-largest cryptocurrency by market capitalization, with a circulating supply of approximately 516.2 million SOL and 24-hour trading volume between $2.99 billion and $3.16 billion, as the asset consolidates after recent price swings.