SOL Token Slides 3.55% Amid $31M Unstaking, Surging Volumes, and Bullish Reversal Signals

Solana (SOLUSDT) experienced a 3.55% price decline over the past 24 hours, currently trading at $160.42 on Binance, down from a 24h open of $166.32. The recent price movement is attributed to profit-taking after a week of gains, ongoing speculation regarding large unstaking events by FTX and Alameda totaling $31 million, and mixed technical signals indicating both short-term bearish momentum and potential for a bullish reversal. Elevated trading volumes, with a recent 17.10% increase, reflect heightened market activity amid these developments.

Solana maintains a strong market position with a market capitalization of approximately $86 billion and a circulating supply near 540 million tokens, ranking it as the sixth-largest cryptocurrency. Despite short-term volatility, the asset has increased by over 7% in the past week, supported by ongoing ecosystem growth, active developer engagement, and continued participation in Binance’s promotional events and educational initiatives.