SOL Holds Strong at Sixth Place as Meme Coin Surge and Short Interest Shape Price Action

Solana (SOL) is currently trading at $172.74 with a 24-hour price change of -1.90% and a 24-hour trading volume of approximately $3.45 billion, placing it in the middle-to-upper range of its recent monthly price band and maintaining its position as the 6th largest cryptocurrency by market cap. The recent price decline is attributed to an increase in short positions in the derivatives market, as indicated by a negative funding rate, alongside broader market volatility and profit-taking following strong gains in Solana’s meme coin sector, which recently reached a $12.7 billion market cap. Despite the short-term downward movement, institutional coverage remains positive, with Standard Chartered setting a year-end 2025 price target of $275, citing Solana’s technical strengths, growing meme coin ecosystem, and high trading activity as key drivers for long-term growth.