SOL (Solana) fell 4.71% in the last 24 hours

Gate News Bot news, on October 31, according to CoinMarketCap, as of the time of this report, SOL (Solana) is currently priced at $185.75, having fallen by 4.71% in the last 24 hours, with a high of $205.02 and a low of $179.22. The 24-hour volume reached $7.769 billion. The current market capitalization is approximately $102.129 billion, a decrease of about $5.050 billion compared to yesterday.

Solana is a high-performance blockchain platform designed to provide developers with powerful infrastructure and a fast experience for all users. The platform supports various application scenarios, including payments, gaming, NFTs, DeFi, and DAOs. Solana features high speed, scalability, decentralization, and energy efficiency, with transaction fees of less than $0.0025. The network is validated by thousands of independent nodes, ensuring data security and resistance to censorship.

Important news about SOL recently:

1️⃣ The US Solana spot ETF continues to attract capital inflow The US Solana spot ETF has seen a net inflow for three consecutive days. On October 30, Bitwise Solana spot ETF BSOL had a net inflow of $36.55 million in a single day, while Grayscale Solana spot ETF GSOL saw a net inflow of $780,000, bringing the total net inflow to $37.33 million. As of the time of writing, the total net asset value of the Solana spot ETFs has reached $440 million, accounting for 0.44% of Solana's total market capitalization. This indicates that institutional investors maintain a high interest in SOL, which is expected to provide continuous funding support for SOL.

2️⃣ Rapid Expansion of the Solana Ecosystem The perpetual contract trading platform Pacifica on the Solana chain announced an increase in the weekly points distribution to 10 million. Currently, the platform has reached 27,000 active users, with a weekly volume exceeding 5 billion dollars. In addition, Helius has released 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, which helps enhance the practical application value of SOL.

3️⃣ Large institutions are active in SOL trading 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 in 15 minutes, worth approximately $205 million, in exchange for 2,455 BTC, valued at about $265 million. This indicates that large institutions remain highly interested in trading SOL, which may affect short-term market supply and demand.

From a technical perspective, the SOL price has fallen by 4.71% in the last 24 hours, indicating some pullback pressure. However, considering the continuous capital inflow into 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 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.