SOL Token Drops 4.61% as Resistance Holds Despite High Volume and Staking ETF Launch

SOLUSDT has declined by 4.61% over the past 24 hours, with the current price at 159.22, opening at 166.91. This price decrease is primarily attributed to technical factors, including the failure to break above key resistance levels near $168–$170 amid declining trading volume, which has led to increased selling pressure. Mixed analyst sentiment, with concerns about potential further downside and profit-taking after recent rallies, has contributed to market caution. Additionally, while positive developments such as the launch of the REX-Osprey Solana Staking ETF and increased institutional interest have supported trading activity, they were not sufficient to offset the bearish momentum in the short term.

Solana's 24-hour trading volume remains robust, ranging between $6.23 billion and $12.21 billion, reflecting heightened market activity. The asset’s market capitalization stands between $85.5 billion and $87.55 billion, with the price fluctuating from a low of $158.17 to a high of $168.60 during the period.