SOL (Solana) fell 2.27% in 24 hours

Gate News Bot news, November 5th, according to CoinMarketCap data, as of the time of writing, SOL (Solana) is currently priced at $154.44, down 2.27% in the last 24 hours, with a high of $201.68 and a low of $146.75. The 24-hour volume reached $11.213 billion. The current market capitalization is approximately $85.365 billion, a decrease of about $1.986 billion compared to yesterday.

Solana is a high-performance blockchain platform designed to provide developers with powerful tools and a fast blockchain experience for all users. Solana supports a wide range of applications from seasoned users to newcomers, aiming to bring blockchain technology to the masses. The platform is known for its high-speed transaction processing capabilities, low fees, and eco-friendly characteristics, attracting an increasing number of developers and companies to join its ecosystem.

Important recent news about SOL:

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, with Bitwise's BSOL seeing a net inflow of $197 million and Grayscale's GSOL seeing a net inflow of $2.2 million. This indicates that institutional investors maintain a high level of interest in SOL, providing ongoing funding support and liquidity for SOL.

2️⃣ Ecosystem Continues to Expand The Pacifica perpetual contract trading platform on the Solana chain has increased its weekly points distribution to 10 million. Currently, the platform has 27,000 active users, and the weekly volume exceeds 5 billion USD. In addition, Helius has launched the “Orb” Solana blockchain explorer equipped with AI explanation features. These developments show 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 have completed a significant SOL-BTC swap transaction. Jump Crypto transferred 1.1 million un-staked SOL tokens, worth approximately $205 million, to Galaxy Digital in 15 minutes in exchange for 2,455 BTC, valued at around $265 million. This reflects strong trading interest in SOL among large institutions, which may affect short-term market supply and demand.

From a technical perspective, the SOL price has fallen by 2.27% in the last 24 hours, showing some retracement pressure. However, considering the continuous capital inflow from institutional investment products, the rapid development of the ecosystem, and active trading among large institutions, SOL still maintains strong market attention. Investors need to 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.