SOL Token Dips 5.57% Amid ETF Buzz, Record DeFi Activity, and $5B Institutional Inflows

Solana (SOL) experienced a 5.57% price decline over the past 24 hours, with the current price at $154.41 according to Binance. This price movement was primarily driven by initial optimism around potential SEC approval for a spot Solana ETF, as indicated by a 91% probability on Polymarket and multiple ETF applications from major asset managers, which briefly lifted prices before a retracement set in. Additional factors influencing volatility included a significant increase in futures open interest (+12%), record-high DeFi activity with total value locked rising to 56.8 million SOL, and a notable surge in active decentralized application wallet addresses (+38.5%). Institutional interest was further highlighted by DeFi Development securing a $5 billion equity line for SOL purchases and the upcoming launch of spot SOL ETFs in July, alongside new interoperability solutions like the Solaxy Solana-Ethereum bridge. Despite the recent pullback, Solana maintains high trading volume ($3.82 billion), a market cap of approximately $83.28 billion, and remains ranked #6 by market capitalization, reflecting strong ongoing ecosystem activity and institutional engagement.