SOL Token Drops 2.65% After SEC ETF Delay, Network Congestion, and Market Pullback

Solana (SOL) is trading at $146.54 on Binance, reflecting a 2.65% decline over the past 24 hours from an open of $150.53. The recent price drop is primarily attributed to the U.S. SEC's decision to delay its ruling on a spot Solana ETF, which has introduced regulatory uncertainty and dampened short-term investor sentiment. Additional factors include network congestion caused by MEV bot activity, leading to higher transaction costs, and a general market pullback after failing to sustain momentum above the $180 level earlier in the month. Despite the current bearish sentiment, speculative interest remains high, as indicated by a Fear & Greed Index of 68, and Solana maintains strong trading volume at $3.76 billion with a market capitalization of $78.14 billion, ranking #6 among cryptocurrencies.