SOL Token Slides 4.74% Amid Market Volatility Despite Staking Boosts and $86B Market Cap

Solana (SOLUSDT) experienced a 4.74% decline over the past 24 hours, trading at $159.66 on Binance. The price drop is primarily attributed to increased market volatility and profit-taking after recent gains, as well as technical resistance near the $170 level. While positive developments such as the introduction of soft staking for SOL on Binance, Robinhood's reinstatement of SOL staking for U.S. users, and significant fundraising events on the Solana network have supported bullish sentiment, mixed technical indicators and a failure to break above key resistance have contributed to short-term selling pressure.

Currently, Solana is ranked among the top cryptocurrencies with a market capitalization near $86 billion, a 24-hour trading range of $158.17 to $168.66, and recent trading volume on Binance at approximately 551 million USDT, reflecting heightened market activity and attention at this pivotal price level.