SOL Token Dips 5.79% Amid ETF Hopes, High DeFi Activity, and Firedancer 2.0 Launch

Solana (SOL) experienced a 5.79% price decline over the past 24 hours, with the current price at $148.17 (Binance), down from a 24h open of $157.27. This price drop is primarily attributed to ongoing market volatility following a recent rally, profit-taking after optimism surrounding the rising odds (76%) of a potential US spot Solana ETF approval, and short-term corrections typical after strong upward moves. Despite the correction, investor sentiment remains supported by positive ecosystem developments, including the launch of the Firedancer 2.0 processor for higher network throughput, increased DeFi activity (with meme coins accounting for 38% of Solana DEX volume), and the upcoming Byreal DEX launch. Trading volume remains high at approximately $4.69 billion, with a market capitalization near $73 billion and strong open interest in derivatives, indicating continued institutional and speculative engagement. Technical indicators reflect ongoing bullish momentum despite the near-term pullback, suggesting potential for renewed upward movement as regulatory and product developments unfold.