DOGE, TRX, BTC Dump Herding Holders to Top Solana Token – Presale Erupts

Solana (SOL) has dropped below $100, marking one of its worst performances among top cryptocurrencies. The token has fallen by more than 6% over the last 24 hours, with bearish momentum expected to persist. The selloff aligns with broader declines in the crypto market, where major tokens like Bitcoin and Ethereum also experienced sharp price drops.

Coinbase has moved to integrate the Sui token standard into its core infrastructure, placing it on par with Ethereum and Solana. This partnership aims to simplify the issuance and management of digital assets, providing institutional-grade custody and treasury solutions for the Sui Foundation according to reports.

Despite the price decline, Solana spot ETFs have seen $2.82 million in inflows, according to recent data. This contrasts with outflows for Bitcoin and Ethereum ETFs, highlighting continued institutional interest in Solana's network and infrastructure.

Why the Move Happened

The recent bearish trend for Solana is attributed to broader market weakness rather than isolated network issues. On-chain data shows that Solana processed more than 150 million transactions in a single day, indicating strong network activity. However, institutional inflow into Solana-based ETFs has not kept pace with the price decline.

Market analysts point to declining open interest (OI) and negative funding rates as indicators of bearish sentiment. Solana's OI has dropped by 1.24% in the last 24 hours, signaling capital outflows from leveraged positions. Long liquidations have also outpaced short liquidations, reinforcing the downward trend.

How Markets Responded

Sui's integration with Coinbase has led to a price surge of 8.2% in the past 24 hours. The move positions Sui as a long-term fixture in the institutional financial stack, drawing comparisons to Ethereum and Solana as a third pillar of the market.

In contrast, Solana ETFs have seen mixed reactions. While inflows are positive, the price of SOL remains in a clear downtrend. Key support levels at $82 and $76 have been identified as potential price floors in the near term.

The broader crypto market has also felt the impact. Bitcoin and Ethereum ETFs recorded outflows, while Solana ETFs maintained inflows. This divergence suggests that investors are differentiating between short-term price weakness and long-term network usage.

What Analysts Are Watching

Analysts are closely monitoring Solana's technical indicators for further signs of a potential rebound. The token has broken below key psychological levels, including $100 and $85, accelerating selling pressure. A continuation of the current trend could push Solana toward $70, a key Fibonacci level.

Institutional developments continue to support Solana's long-term narrative. Corporate treasuries are increasingly using the Solana blockchain, and new partnerships in Asia are focusing on tokenizing traditional securities. These moves highlight ongoing experimentation with Solana's infrastructure despite unfavorable market conditions.

Mutuum Finance (MUTM) has also seen strong interest, with over 19,000 investors participating in the V1 protocol testing. The project has raised $20.2 million in funding, signaling growing interest in decentralized finance (DeFi) solutions.

The market remains under stress, with the Fear and Greed Index at 14, indicating extreme risk-off sentiment. As the crypto sector continues to navigate regulatory and macroeconomic headwinds, investors are advised to monitor key price levels and institutional activity for further clues on potential reversals.