SOL Token Drops 3.24% Amid $600M Liquidations, But Institutional Inflows and Ecosystem Growth Persist

Solana (SOLUSDT) experienced a notable price decline over the past 24 hours, dropping 3.24% to 129.44 USDT, as reported by Binance. This price movement is primarily attributed to broad market volatility, including the liquidation of over $600 million in leveraged positions across cryptocurrency markets, which impacted Solana alongside other assets. Additionally, derivatives data has shown increased bearish sentiment, and technical indicators have signaled a neutral to short-term bearish outlook, with resistance observed near the $144.5 level. Despite this pullback, institutional interest remains strong, as evidenced by $45.5 million in weekly inflows into Solana-linked investment products, and the ecosystem continues to see growth, highlighted by active network developments and a record $15 billion in stablecoin market cap.

Currently, Solana is trading at 129.44 USDT on Binance with a 24-hour trading volume of approximately $4.29 billion, and its market capitalization stands around $75.48 billion, maintaining its position as a leading digital asset in the market.