SOL Token Faces 3.97% Drop Amid ETF Surge, $655M Unlocks, and Network Concerns

Solana (SOLUSDT) experienced a price decline of approximately 3.97% over the past 24 hours, with the current price at 147.36 USDT according to Binance data. The recent price movement follows a surge driven by the announcement of the first U.S.-listed Solana staking ETF, set to begin trading on July 2, 2025, and Robinhood’s introduction of SOL staking services. While initial optimism led to a rally, the subsequent price pullback appears linked to profit-taking and concerns over upcoming token unlocks, specifically 465,770 SOL (valued at $70.79 million) and a larger scheduled unstaking of nearly $585 million worth of SOL in the next two months, which could increase selling pressure. Additionally, reports of a potential vulnerability in Solana’s ZK ElGamal Proof program and a recent decline in network revenue and on-chain liquidity have contributed to a more cautious market sentiment.

Currently, Solana’s 24-hour trading volume is around $4.14 billion USDT, with a market capitalization of approximately $78.52 billion, reflecting high activity and ongoing volatility in the market.