SOL Token Drops 10% Amid Profit-Taking Despite $5B Credit Line and ETF Optimism

Solana (SOLUSDT) experienced a sharp decline over the last 24 hours, with the price dropping 10.17% from a 24h open of 160.11 to 143.82 on Binance. This volatility is primarily attributed to profit-taking following recent gains driven by optimism around potential US SEC approval of Solana spot ETFs and increased institutional interest, including a notable $5 billion credit line for SOL purchases. The correction coincided with broader market risk-off sentiment and a temporary reduction in on-chain activity, despite continued growth in derivatives open interest and ongoing ecosystem innovation. Currently, SOLUSDT trades at 143.82 with high trading volume and remains among the top cryptocurrencies by market capitalization, reflecting strong but cautious institutional engagement amid mixed market signals.