Analysis: Solana Suspected of Institutional Sell-off, Price Falls Below Key Support Level

Solana (SOL) experienced a massive sell-off around midnight GMT, with trading volume surging to 1.26 million SOL, causing the price to drop from $177 to $170.41, a decline of approximately 4.5%.

Analysis indicates that this decline was mainly influenced by global trade disputes and monetary policy uncertainties, leading institutional investors to reduce their holdings in risk assessments. However, despite market pressure, the collaboration between the Solana Foundation and R3 is still progressing, with plans to tokenize $10 billion worth of assets on its blockchain.