SOL Token Sees 7.39% Drop Amid Market Liquidations, Yet DeFi Growth Hits $8.6 Billion

SOLUSDT experienced a notable 24-hour price decrease of 7.39%, with the current price at $126.73 on Binance, attributed to a combination of bearish market sentiment, broader cryptocurrency market liquidations triggered by Bitcoin’s decline, and regulatory developments such as CoinShares withdrawing its Solana staking ETF application. The recent hack and recovery at Upbit, along with declining open interest in SOL futures, have contributed to investor caution and reduced exposure. Despite short-term price pressure and high volatility—evidenced by active trading volumes on major exchanges and a 24-hour range from $125.81 to $140.19—Solana’s DeFi ecosystem continues to expand, showing a 30% increase in total value locked and reaching $8.6 billion, supported by new partnerships and increased liquidity. Currently, Solana maintains a market capitalization of around $71.22 billion and a circulating supply of approximately 559.65 million SOL, with technical analysis indicating the $126 support level as critical for near-term price action.