SOL Token Slides 3.18% as ETF Optimism Fades Amid Tax Concerns and Lower Network Revenue

Solana (SOLUSDT) experienced a price decline of approximately 3.18% over the last 24 hours, with the current price at $148.51 on Binance, down from a 24-hour open of $153.39. The recent price movement is primarily attributed to initial optimism following the SEC approval of the REX–Osprey Solana Staking ETF, which sparked a brief rally, but was tempered by concerns over the ETF's taxable structure and questions about sustained institutional demand. Additional factors influencing the price include a decrease in Solana's network revenue, increased competition from other blockchains, and a recent dip in trading volume, all contributing to cautious market sentiment.

The current market overview shows Solana trading at $148.51 with a 24-hour trading volume of approximately $4.10 billion, a circulating supply near 534 million SOL, and a market capitalization of about $79.41 billion, maintaining its position as a top-ranked cryptocurrency despite recent volatility.