SOL Token Slides 5.82% Amid Whale Activity and Stablecoin Supply Drop on Solana Network

Solana (SOLUSDT) experienced a 5.82% price decline in the last 24 hours, trading at $134.00 on Binance, following heightened market volatility and shifting on-chain activity. The drop was influenced by significant factors, including a whale redepositing SOL to an exchange after staking, a 17% decrease in the stablecoin supply on Solana, and mixed sentiment due to Trove's ecosystem shift to Solana. Despite substantial fund inflows into crypto assets and large leveraged long positions, persistent outflows from the network and short-term bearish pressures weighed on price action.

SOLUSDT currently trades at $134.00 with a reported 24-hour volume surge, reflecting increased market activity and notable volatility, as the asset ranged between $130.00 and $143.25, and the market capitalization stands at approximately $75.55 billion.