$SOL

📉 Current Price and Market

Current Price: Approximately $166 – $167 per SOL, with a daily decline between −6% to −6.5% depending on various platforms.

24-Hour Trading Volume: Ranges between $7.7 – $7.8 billion, reflecting high market activity.

Estimated Market Capitalization: Close to $89 – $90 billion based on recent trades.

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📌 General Context and Recent Developments

1. Sharp Market Decline:

SOL experienced a decline of 9.5% in 24 hours due to the United States announcing new trade tariffs, which led to a drop in prices of several major cryptocurrencies.

2. Significant Institutional Needs for SOL:

DeFi Development Corp purchased approximately 141,383 SOL at an average price of ~$133 during July, bringing their total holdings to about one million SOL worth ~190 M$, reflecting continued institutional demand.

3. Launch of Futures Contracts:

A plan was announced to launch futures contracts linked to SOL by CME Group starting from March 2025 after regulatory approvals, which could pave the way for establishing ETFs linked to Solana in the future.

4. Adoption by Major Financial Institutions:

Large banks like HSBC and Bank of America partnered with Solana Foundation through the British company R3 to adopt the technology in asset tokenization, enhancing the network's position against Ethereum in some areas.