SOL (Solana) fell 9.35% in the last 24 hours.

Gate News Bot message, on November 4th, according to CoinMarketCap data, as of the time of writing, SOL (Solana) is currently priced at $159.31, with a fall of 9.35% in the last 24 hours, a high of $203.83, a low of $156.19, and a 24-hour volume of $10.367 billion. The current market capitalization is approximately $88.037 billion, a decrease of $9.08 billion compared to yesterday.

Solana is a high-performance blockchain platform that provides developers with fast, scalable, and decentralized infrastructure. It supports various Web3 application scenarios, including payments, gaming, NFTs, DeFi, and DAOs. The Solana network employs an innovative consensus mechanism that can process thousands of transactions per second while maintaining low transaction fees and environmental friendliness.

Important news about SOL recently:

1️⃣ Institutional investors continue to favor In the first week of the listing of the US Solana spot ETF, there was a net inflow of $199 million, of which Bitwise's BSOL had a net inflow of $197 million, and Grayscale's GSOL had a net inflow of $2.2 million. This indicates that institutional investors maintain a high interest in SOL, which is expected to bring continued funding support and liquidity for SOL.

2️⃣ Ecosystem Continues to Expand The Solana-based perpetual contract trading platform Pacifica announced an increase in the weekly point distribution amount to 10 million. Currently, the platform has reached 27,000 active users, with a weekly volume exceeding 5 billion USD. Additionally, Orama Labs' OCM project ZENO has launched on the Solana network, simultaneously introducing the first developer MVP version of ZENO Scene. These developments demonstrate that the Solana ecosystem is rapidly expanding in various fields, attracting a large number of users to participate.

3️⃣ Active Trading Among Large Institutions Jump Crypto and Galaxy Digital completed a significant SOL-BTC swap transaction. Jump Crypto transferred 1.1 million un-staked SOL tokens to Galaxy Digital within 15 minutes, worth approximately $205 million, in exchange for 2,455 BTC, valued at around $265 million. This reflects the strong trading interest in SOL from large institutions, which may affect the short-term supply and demand relationship in the market.

From a technical perspective, the SOL price has fallen 9.35% in the last 24 hours, indicating significant retracement pressure. However, considering the continuous capital absorption of institutional investment products, the rapid development of the ecosystem, and active trading among large institutions, SOL still maintains strong market attention. Investors should closely monitor the price trends and volume changes in the coming days to assess potential risks.

This message is not intended as investment advice; investors should be aware of market volatility risks.