SOL Token Holds Strong After 2.17% Dip, Backed by $55M Institutional Buy and Developer Growth

SOLUSDT experienced a 2.17% decline over the past 24 hours, with the price moving from an open of 180.63 USDT to 176.71 USDT. This short-term pullback follows a period of strong bullish momentum driven by increased network activity, institutional investments such as Galaxy Digital's $55 million SOL purchase, and positive sentiment from recent altcoin rallies. Despite the recent dip, Solana remains supported by ongoing developer engagement, new product launches, and institutional interest, though the price faced resistance near the $178 level, leading to consolidation.

Currently, SOLUSDT trades at 176.71 USDT with a 24-hour trading volume of approximately 2.18 million SOL (about 390.09 million USDT). Solana maintains a market capitalization of $94.57 billion, ranking sixth among cryptocurrencies, and has shown a 7.07% increase over the past week and a 19.22% rise in the past month, despite a year-to-date decrease of 6.48%.