SOL Token Sees $73M ETF Inflow and $34.59M Shorts Liquidated Amid Price Dip to $177

Solana (SOLUSDT) experienced a 2.38% price decrease over the past 24 hours, with the current price at $177.33 on Binance, opening at $181.66. The recent price volatility is attributed to significant institutional inflows, including $8.4 million into US spot ETFs and a $73 million net inflow into the REX-Osprey SOL ETF, as well as increased developer activity and higher network usage. The liquidation of $34.59 million in short positions, particularly a $22 million position at $183, contributed to sharp price movements. Additional factors include optimism around the potential approval of a spot Solana ETF and the launch of a multi-exchange liquid staking token, both of which have attracted institutional interest. Solana maintains a robust market presence with a 24-hour trading volume exceeding $7.37 billion and a market capitalization near $95.5 billion, despite the short-term price dip.