SOL Token Faces 2.92% Dip Amid ETF Launch, Institutional Moves, and Volatile Market Forces

Solana (SOLUSDT) is trading at 132.81 on Binance, reflecting a 24-hour decline of 2.92% from an open of 136.80, with trading volumes indicating robust activity but a noticeable decrease compared to the previous day. The price consolidation between $126 and $150 is driven by mixed signals: recent institutional developments such as the launch of the Invesco Galaxy Solana ETF, BPCE's rollout of SOL trading, and Circle's significant USDC minting on Solana have enhanced liquidity and market interest. However, short-term selling pressure was exacerbated by notable liquidations, whale activity, and redistribution of staked SOL by FTX, alongside overall market volatility and cautious investor sentiment. Solana remains ranked #7 by market cap, with a circulating supply of approximately 562 million tokens and a 24-hour market volume around $524 million on Binance.