SOL Token Drops 8.76% Amid $26M Sell-Off on Orca Despite Strong ETF and Institutional Interest

Solana (SOL) experienced a notable price decline of approximately 8.76% over the past 24 hours, with the current price at $145.05 according to Binance data. The recent drop follows a period of heightened volatility, which included a $26 million unusual sell order on Orca, Solana’s largest decentralized exchange, contributing to increased selling pressure. Despite positive news earlier in the week regarding progress on spot ETF applications by major asset managers and institutional interest—such as DeFi Development securing a $5 billion equity line for SOL holdings—market sentiment has turned cautious, likely due to profit-taking after the recent rally and uncertainty surrounding the SEC’s delayed decision on Solana ETF approvals. Trading volume remains strong at approximately $5.85 billion, and Solana maintains a market capitalization above $75 billion, ranking it sixth among cryptocurrencies.