SOL Faces 3.68% Drop Amid Market Volatility

Solana (SOL) is currently trading at $169.52 with a 24-hour trading volume of approximately $2.96 billion and a market capitalization of $89.59 billion, ranking it as the 6th largest cryptocurrency. Over the past 24 hours, SOL has declined by 3.68% from a 24-hour open of $176.00, reflecting ongoing volatility after a generally upward trend earlier in the week.

The recent price decline is attributed to market indecision near key support levels around $170, despite positive ecosystem developments such as increased developer activity, the launch of the Solana Attestation Service for decentralized identity, and integration with Chainlink’s Cross-Chain Interoperability Protocol. Additionally, strong DeFi activity, record stablecoin issuance, and institutional inflows have supported network growth, but short-term price action appears to be influenced by broader market volatility and profit-taking following recent gains.