SOL Token Slides 2.87% as On-Chain Activity Drops, Yet U.S. Staking ETF Sees $33M Debut

Solana (SOLUSDT) is trading at 150.13 USDT on Binance, reflecting a 2.87% decrease over the past 24 hours from a 24h open of 154.57 USDT. The recent price decline is primarily attributed to a notable drop in Solana’s on-chain activity during June, including decreases in real economic value, application revenue, and DEX volumes by 48%, 38%, and 35% respectively. Despite this, the launch of the first U.S. Solana staking ETF (SSK) generated $33 million in first-day trading volume and $12 million in inflows, providing a potential positive catalyst, but broader market weakness and declining network usage have outweighed these developments in the short term. Solana’s 24-hour trading volume remains robust at $3.71 billion, with a market capitalization of $81.59 billion and a circulating supply of approximately 534.73 million SOL, ranking it #6 among cryptocurrencies.