SOL (Solana) down 2.97% in the last 24 hours

Gate News Bot Message, February 2nd, according to CoinMarketCap data, as of press time, SOL (Solana) is currently trading at $101.48, down 2.97% in the past 24 hours, with a high of $127.97 and a low of $98.53. The 24-hour trading volume reached $5.645 billion. The current market capitalization is approximately $57.479 billion, a decrease of $1.762 billion from yesterday.

Important recent news about SOL:

1️⃣ Continued Deepening of Institutional Deployment in Ecosystem Financial Infrastructure Construction The Solana network’s development over the past year has clearly shifted towards the financial infrastructure sector, focusing on high-throughput on-chain transactions, market structure, and settlement, forming an initial internet capital market. This shift is attracting the attention of traditional financial institutions. Morgan Stanley has appointed a digital asset strategy head and submitted an application for a spot Solana ETF listing, marking Wall Street trading institutions’ alpha moving from physical custody to on-chain infrastructure. While such institutional deployment has not yet resulted in a short-term surge in capital scale, it reflects strategic recognition of Solana’s long-term development prospects and provides fundamental support for the ecosystem.

2️⃣ Continuous Inflow of Stablecoins Lays the Foundation for Active Trading Over the past seven days, the Solana network added nearly $1.3 billion in stablecoin supply, ranking first among all blockchains. Circle issued about 500 million USDC on the Solana network in the past 24 hours. Nearly $80 million crossed chains into Solana in the past week, with over $50 million coming from Ethereum alone. The abundant stablecoin liquidity provides a solid foundation for on-chain transactions. The US Solana spot ETF also maintained continuous net inflows, with a total net inflow of $884 million. This capital concentration effect provides substantial liquidity support for SOL’s price.

3️⃣ On-Chain Activity Remains High, Ecosystem Diversifies Although the number of daily active validators on Solana has fallen below 800, non-voting transaction volume remains stable at about 100 million transactions per day. Pump.fun’s daily active addresses have risen to approximately 300,000, reaching a peak since early last year. Daily new tokens approach 39,000, reaching a high since 2025. WisdomTree has expanded tokenized funds to the Solana blockchain, with USD1 becoming the fastest-growing tokenized asset. Moonbirds launched the BIRB token on Solana, with 65% of the total supply allocated to the community. The richness of ecological applications and asset types reflects ongoing development of Solana’s fundamentals. Although short-term prices are under pressure, ecological activity has not deteriorated accordingly.

4️⃣ Large-Scale Capital Long-Short Intertwined, Positive Signals in Derivatives Market Sentiment In the past 24 hours, a total of 146,000 SOL worth about $182 million was transferred to anonymous addresses, while 36,400 SOL was transferred out from anonymous addresses. Traders in the derivatives market show signs of a rebound in longs. One trader opened a 10,000 SOL long position with 20x leverage, and a whale closed a 100,000 SOL short position with a profit of $205,000, then went long 25,000 SOL with 20x leverage. The parallel operations of high-leverage longs and short position closures indicate that market expectations for a rebound are gradually heating up. This intensification of long-short competition, combined with continuous stablecoin inflows, is building upward momentum for SOL within the current range.

5️⃣ Gate Platform’s Staking Scale Hits New High, Reflecting User Confidence Gate’s total staked SOL has surpassed 513,900, reaching a new high, with an annualized yield of 16%, supporting instant redemption and stable returns. This indicator reflects investors’ willingness to lock tokens via staking for long-term gains. Despite a floating loss of about $46 million, a major whale continues to hold long positions in SOL. Although the growth in network staking coincides with price declines, this asymmetric trend indicates that some holders remain confident in the network’s fundamentals. Long-term holders’ patience helps alleviate selling pressure during downward phases.

This message is not investment advice; please be aware of market volatility risks.