SOL Drops 6% Amid Bearish Derivatives Sentiment Despite High Volume and Institutional Activity

Solana (SOL) is currently trading at $158.64, down 6.07% over the past 24 hours, with 24-hour trading volume ranging between $3.67 billion and $4.20 billion and a market capitalization of approximately $85–$90 billion, maintaining its position as the 6th largest cryptocurrency by market cap. The recent price decline is attributed to a combination of factors: bearish sentiment in derivatives markets, as shown by a low funding rate and a long/short ratio of 3.01, increased short positions, and technical signals indicating oversold conditions. While Solana has seen significant institutional activity and upcoming product launches, such as Coinbase's 24/7 futures trading and new liquid staking options, these positive developments have been outweighed in the short term by profit-taking following a strong rebound from recent lows and ongoing market volatility.