SOL Token Dips 7.9% Amid $320M Whale Move, But On-Chain Activity Surges 30%

Solana (SOL) is currently trading at $148.02, down 7.92% over the last 24 hours (Binance data), with a 24-hour trading volume of $3.6 billion and a market cap of approximately $81.4 billion, ranking it #6 among cryptocurrencies. The recent price decline is attributed to heightened volatility following significant whale activity, including a $320 million transaction, and the withdrawal of DeFi Development Corp’s $1 billion shelf offering after SEC feedback. Despite the short-term drop, Solana’s ecosystem remains active with a 30% increase in on-chain activity, a 96% rise in DeFi Development Corp’s SOL holdings since April, and positive sentiment driven by anticipation of spot ETF approvals and upcoming stablecoin launches. Continued strong liquidity and institutional attention position Solana as a leading blockchain asset, though short-term price swings remain notable amid ongoing regulatory developments and ecosystem expansion.