SOL Token Drops 4.59% Amid Market Volatility, But Network Utility and Trading Volume Surge

Solana (SOLUSDT) experienced a 4.59% price decline over the past 24 hours, with the current price at $175.04 on Binance, opening at $183.46. The recent price drop is attributed to short-term market volatility, likely influenced by anticipation around upcoming U.S. inflation data and Federal Reserve rate decisions, despite strong institutional interest and ecosystem growth. Increased CME futures open interest, new NFT marketplace integrations, and robust DeFi activity have contributed to higher transaction volumes and overall network utility. Solana maintains a market capitalization near $95.54 billion, with a 24-hour trading volume of approximately $7.43 billion and a circulating supply of about 539.54 million SOL tokens, reflecting active trading and continued investor engagement.