SOL Token Drops 3.78% After $50.4M Whale Sell-Off Despite Ecosystem Growth and Stable Activity

Solana (SOL) experienced a 3.78% price decline over the past 24 hours, dropping from a 24h open of $145.84 to $140.33 according to Binance data. This decrease is primarily attributed to a significant on-chain transaction in which a large holder sold $50.4 million worth of SOL, resulting in reduced liquidity and contributing to downward price pressure. Additionally, despite positive ecosystem developments such as the upcoming launch of Solaxy (SOLX) and increased developer activity, recent market sentiment has remained cautious, with low volatility and hesitant momentum observed in trading patterns. Current market metrics show SOL trading at $140.33 with a 24-hour volume of approximately $34.46 million and a market cap near $842.15 million, reflecting stable network activity but short-term price weakness linked to large-scale selling.