SOL Token Drops 4.63% as SEC ETF Delay Spurs Consolidation Near $180 Support Level

Solana (SOLUSDT) experienced a 4.63% price decrease over the last 24 hours, with the current price at 183.70 on Binance. The decline is primarily attributed to the SEC’s delay in deciding on the proposed Invesco Galaxy spot SOL ETF, which has led to market consolidation near the $205 resistance and increased focus on the $180 support level. Despite this, Solana maintains strong trading activity, with 24-hour volumes ranging from $7.66 billion to $13.24 billion and a market capitalization above $100 billion. The asset continues to attract institutional interest and has surpassed Ethereum in perpetuals trading volume, but technical indicators suggest a period of short-term consolidation as investors await further regulatory developments.