SOL Drops 6.5% Amid Market Selloff as Trading Volumes Surge and Institutional Interest Grows

Solana (SOL) is currently trading at $155.93, down 6.52% over the past 24 hours with a 24-hour opening price of $166.81 and significant trading volumes reflecting heightened market activity. The recent price decline is primarily attributed to a sector-wide selloff, as noted in multiple news sources, with Solana experiencing a pullback from recent highs near $187 amid broader crypto market volatility. Additional factors influencing the price include negative funding rates, increased short positions, and technical rejection at the $175 level, despite ongoing institutional interest and strong ecosystem activity such as major investments, meme coin trading growth, and upcoming 24/7 Solana futures trading on Coinbase Institutional.