SOL Token Drops 5.94% Amid ETF Launch News and Surging Institutional Interest in Solana

Solana (SOLUSDT) has experienced notable volatility in the past 24 hours, with the price declining by 5.94% to $147.51 from a 24-hour open of $156.83. This price drop follows heightened market activity driven by significant news, including the upcoming launch of the Rex-Osprey Solana Staking ETF in the U.S., renewed SOL staking offerings on major platforms, and increased institutional interest such as ETF filings by Invesco and Galaxy Digital. The ETF announcement initially spurred a surge in open interest and liquidations of short positions, but subsequent profit-taking and technical resistance have contributed to the recent pullback.

Currently, Solana trades at $147.51 with a 24-hour trading volume between $5.07 billion and $5.59 billion, a circulating supply of approximately 534.61 million SOL, and a market capitalization near $79.58 billion, reflecting sustained high interest and active trading amid ongoing ETF and staking developments.