SOL Token Drops 7.62% Amid ETF Anticipation, $585M Unstaking, and Declining Network Activity

Solana (SOL) experienced notable volatility in the last 24 hours, with the price dropping 7.62% from a 24h open of 157.41 USDT to a current Binance price of 145.41 USDT. This decline follows a brief rally driven by anticipation of the first Solana staking-enabled ETF launch in the US on July 2, 2025, which initially boosted sentiment and trading activity. However, the price pullback is attributed to profit-taking after the rally, cautious analyst outlooks regarding institutional demand, and concerns over the upcoming unstaking of over $585 million worth of SOL, which could add selling pressure. Additionally, on-chain data shows a decline in network revenue and activity since January, further tempering bullish momentum.

Currently, Solana maintains a market capitalization above $78 billion with a circulating supply of approximately 534.61 million SOL, ranking #6 among cryptocurrencies. The 24-hour trading volume has ranged from $2.56 billion to $11.38 billion, reflecting heightened market activity amid ETF-related developments and broader ecosystem growth.