SOL Token Slides 5.8% After $106M Transfer Spurs Volatility, Trading Volume Surges 20%

Solana (SOL) has experienced a notable price decline over the past 24 hours, with the Binance price currently at $144.54, down 5.82% from the 24h open of $153.48. This drop is primarily attributed to increased selling pressure following a large transfer of approximately 3 million SOL tokens to exchanges and a single transaction valued at over $106 million, which coincided with heightened market volatility and significant liquidations across the crypto sector. Additionally, a 19% decrease in total value locked in Solana DApps and a shift in liquidity to other networks have contributed to negative sentiment. Despite the recent price correction, trading volume has increased by over 20% in the last day, indicating strong market activity, while Solana maintains a market capitalization of approximately $76.6 billion and holds the #6 position by market cap.