SOL Token Dips 8.66% Amid $6.25B Volume Surge, Institutional Backing Signals Resilience

Solana (SOL) experienced an 8.66% decline over the past 24 hours, with the price dropping from $159.02 to $145.25 and trading volume exceeding $6.25 billion. The recent price correction is attributed to a combination of profit-taking following strong network fundamentals, high application fee generation, and anticipation around potential ETF approval, alongside broader market volatility and competition from other top altcoins such as XRP. Despite the short-term bearish sentiment and increased volatility, institutional interest remains strong, supported by DeFi Development Corp.’s $5 billion credit facility and record-high DeFi and stablecoin activity on the Solana network. The market cap remains above $76.5 billion, ranking SOL #6 among cryptocurrencies, with technical support levels identified at $130 and $118. Overall, while the short-term outlook is cautious, ongoing network upgrades and institutional developments continue to drive long-term interest in Solana.