SOL Token Drops 5.79% Amid Market Correction Despite $16.4B Derivatives Surge and ETF Buzz

Solana (SOL) experienced a 5.79% decline over the past 24 hours, with the price dropping from a 24h open of $156.58 to $147.51 on Binance. This price decrease is primarily attributed to ongoing market corrections following a recent rebound, resistance at the $155–$157 range, and external pressures such as the Pump.fun project's X account ban and broader geopolitical uncertainties. Despite positive developments—including a surge in derivatives trading volume to $16.42 billion, CoinShares filing for a Solana spot ETF, and the Solana Foundation’s move into liquid staking tokens—these factors were outweighed by short-term selling pressure and technical resistance. Market activity remains robust, with 24-hour trading volume exceeding $4.5 billion and strong liquidity, while technical indicators suggest continued volatility with support near $147–$148 and resistance at $155–$157.