SOL Token Dips 3% as TVL Drops and Major Holder Moves 28,000 SOL to Binance

Solana (SOLUSDT) is currently trading at $140.09 on Binance, reflecting a 3.05% decline over the past 24 hours from a 24h open of $144.50. The price decrease is primarily attributed to a 3.7% drop in total value locked (TVL) on the Solana network, with notable outflows from DeFi protocols such as Jito and Marin, as well as a significant transfer of 28,000 SOL from a large holder to Binance, which may have increased short-term selling pressure. Despite these outflows, Solana maintains strong network fundamentals, including record-high governance participation, robust validator health, and continued growth in stablecoin activity and developer engagement. Trading volumes remain healthy, and Solana continues to rank among the top cryptocurrencies by market capitalization, though recent market activity reflects a consolidation phase following a period of higher volatility in May.