SOL Token Drops 5% to $139 Amid Bearish Pressure Despite Robust Network Activity and Liquidity

Solana (SOL) is trading at $139.32 on Binance, reflecting a 5.11% decline over the past 24 hours from an open of $146.83. The price drop is primarily attributed to increased bearish pressure as SOL failed to sustain levels above $150, with technical indicators showing a concentration of short positions between $146 and $170 and a dip into a key demand zone around $140. Additional factors include recent network developments, such as record-high governance participation and improved validator rewards, which have supported long-term sentiment but have not offset short-term market volatility. Trading volume remains robust, and Solana continues to rank among the top cryptocurrencies by market capitalization, maintaining strong liquidity despite the recent downward movement.