SOL Token Drops 2.86% Amid Seeker Smartphone Launch, DeFi Surge, and $5.1B Trading Volume

Solana (SOLUSDT) experienced a 2.86% decline over the past 24 hours, with the price dropping from a 24h open of $167.56 to $162.77 on Binance. The recent price movement is attributed to a combination of factors, including profit-taking after a brief rally following the announcement of global shipments for Solana’s second-generation Web3 smartphone, "Seeker," and broader market volatility. Additional influences include the launch of new DeFi products and meme coin activity on the Solana network, as well as a notable drop of over 25% from July’s peak price, which has contributed to short-term bearish sentiment. Despite the downturn, Solana maintains high trading activity, with a 24-hour volume exceeding $5.1 billion and a market capitalization of approximately $88 billion, positioning it among the leading cryptocurrencies by market cap.