SOL Token Drops 5.57% as Key Resistance Fails Despite ETF Approval and $4B Trading Volume

SOLUSDT is currently trading at $146.78 on Binance, reflecting a 5.57% decrease over the past 24 hours from a 24h open of $155.44. The recent price decline is attributed to heightened volatility as SOL tested and failed to sustain levels above key resistance points, notably the $148 and $150 marks, amid signs of market indecision and a break below a rising wedge pattern. Despite the approval of the REX-Osprey SOL + Staking ETF, which is set to begin trading in the US in July 2025 and could offer long-term positive sentiment, short-term technical factors and profit-taking have driven the recent downward movement. Trading volume remains robust, with 24-hour turnover exceeding $4 billion and market capitalization estimated at $78.24 billion, underscoring continued strong interest and activity in Solana despite the recent price pullback.