As per Blockchainreporter, Solana (SOL) has dropped to a five-month low of around $138, despite the recent launch of U.S. spot Solana ETFs. The token has declined approximately 16% in the past week, with the broader crypto market also experiencing weakness, including Bitcoin falling below $90,000 in mid-November. Scheduled token unlocks from the Alameda Research and FTX estate have added to the selling pressure, with 193,000 SOL tokens worth about $30 million unlocked on November 11. Meanwhile, the ETFs have seen strong inflows, with Bitwise’s product attracting $199 million in its first week and VanEck launching its own ETF on November 17. Despite the price decline, Solana’s network fundamentals remain strong, with daily transaction volumes and developer activity showing resilience.
Solana Price Hits Five-Month Low Amid ETF Launch and Market Weakness
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