SOL Token Faces 4% Dip Amid $106M Whale Move, Yet Sees Record Activity and $400M Institutional Boost

Solana (SOL) is trading at $149.41 on Binance, down 4.12% over the past 24 hours from a 24h open of $155.83. This decline is primarily attributed to a recent 5% decrease in total value locked (TVL) within Solana's DeFi ecosystem and a notable whale transaction exceeding $106 million, both contributing to increased market uncertainty and short-term volatility. Despite these factors, Solana has seen a 26% rise in on-chain transaction volume and record highs in daily active addresses, signaling ongoing network growth. Institutional interest remains strong, highlighted by Classover Holdings' planned $400 million SOL allocation and Canary Capital's filing for a spot SOL ETF, while WalletConnect's integration is expected to further broaden adoption. Trading volume remains robust, with 24-hour volume exceeding $3 billion and Solana maintaining its position as the second-largest DeFi ecosystem and a top-10 cryptocurrency by market capitalization.