SOL Token Surges 3.46% as Short Liquidations Hit $11.6M and Institutional Demand Grows

Solana (SOLUSDT) experienced a 3.46% price increase over the last 24 hours, rising from 194.89 to 201.64 on Binance. This upward movement is primarily attributed to a combination of strong buying pressure, significant liquidations of short positions totaling $11.6 million, and increased institutional interest, notably DeFi Development (DFDV) expanding its holdings to nearly one million SOL. The rally is further supported by bullish sentiment following Solana's break above the $200 level, heightened trading activity, and optimism around potential regulatory developments and a possible spot Solana ETF.

Currently, Solana trades at 201.64 USDT with a 24-hour trading volume exceeding $14.5 billion, ranking among the top five cryptocurrencies by market capitalization and reflecting robust market participation and positive momentum.