Solana’s price has suffered a significant downturn, dropping over 10% in the past 24 hours to trade around $141. The market cap has also taken a hit, falling to $78 billion. This decline is largely attributed to bearish sentiment, driving Solana’s price down and making it vulnerable to further losses. Notably, the recent filing of VanEck’s Solana spot ETF Form 8-A before its planned launch adds another layer of complexity to the market dynamics. The asset briefly attempted to break through the $160 zone but ultimately settled around $156.99 before dipping into a range between $139.87 and $141.34. A significant increase in trading volume, surpassing $7.85 billion, indicates heightened activity within the market.