SOL (Solana) fell 5.80% in 24 hours

Gate News Bot news, on November 3, according to CoinMarketCap data, as of the time of writing, SOL (Solana) is currently priced at $176.05, falling 5.80% in the last 24 hours, with a highest of $203.83 and a lowest of $174.75, and a 24-hour volume of $5.102 billion. The current market capitalization is approximately $97.288 billion, a decrease of about $5.989 billion compared to yesterday.

Solana is a high-performance blockchain platform that provides developers with powerful tools and offers users a fast experience. It supports a wide range of user groups, from professional users to novice consumers. The Solana ecosystem is rapidly growing, attracting numerous developers and enterprises. The platform focuses on application development in various fields such as payments, gaming, NFTs, and DeFi, and is committed to achieving widespread adoption of blockchain.

Important news about SOL recently:

1️⃣ Institutional investors continue to favor In the first week since the launch of the Solana spot ETF in the United States, it recorded a net inflow of $199 million, with Bitwise's BSOL net inflow being $197 million and Grayscale's GSOL net inflow being $2.2 million. This indicates that institutional investors maintain a high level of interest in SOL, which is expected to bring continuous funding support and liquidity to SOL.

2️⃣ Large institutional trading is active Jump Crypto and Galaxy Digital completed a significant SOL-BTC swap transaction. Jump Crypto transferred 1.1 million unpledged SOL tokens to Galaxy Digital within 15 minutes, valued at approximately $205 million, in exchange for 2,455 BTC, valued at about $265 million. This reflects the continued strong trading interest in SOL from large institutions, which may affect the short-term market supply and demand relationship.

3️⃣ Continuous Expansion of the Ecosystem The Solana-based perpetual contract trading platform Pacifica announced that it will increase the weekly point distribution to 10 million. Currently, the platform has reached 27,000 active users, with a weekly volume exceeding $5 billion. In addition, Helius has launched the Solana blockchain explorer “Orb” equipped with AI explanation features. These developments indicate that the Solana ecosystem is rapidly expanding in various fields, attracting a large number of users to participate.

From a technical perspective, the SOL price has fallen by 5.80% in the last 24 hours, indicating some pullback pressure. However, considering the continuous capital inflow into institutional investment products, active trading among large institutions, and the rapid development of the ecosystem, SOL still maintains a strong market focus. Investors need to closely monitor the price trends and volume changes in the coming days to assess potential risks.

This message is not an investment recommendation, and investments should be made with caution regarding market volatility risks.