Solana's Significant Price Decline
On October 30, the price of Solana plummeted to $182, reflecting a nearly 6% intraday decline. This led to the market capitalization of Solana slipping to $100.1 billion. This price drop is the sharpest one-day decline Solana has experienced since the market crash on October 10, which was triggered by Trump’s deferred tariff announcement on China and resulted in nearly $19.4 billion in global crypto liquidations.
This recent selloff coincides with a significant move by the institutional trading firm Jump Crypto. The firm sold off 1.1 million SOL for $205 million before acquiring 2,455 BTC for $265 million worth of Bitcoin within a matter of minutes.
Jump Crypto's Strategic Asset Rotation
According to StakingRewards, the value of Jump Crypto’s total staked assets in USD has declined by 29.65% in the last 30 days. However, the firm remains a significant Solana stakeholder, with 73% of its $202.78 million in total staked assets under management held in SOL.
Market participants interpret Jump Crypto’s asset rotation as a flight to safety trade, particularly in anticipation of potentially volatile trade negotiations between the US and China.
Bearish Sentiment in Derivative Markets
Derivative market metrics reinforce this bearish sentiment. According to Coinglass data, Solana futures contracts trading volume rose 7% to $32.61 billion, while open interest increased by 2.28% to $10.32 billion within the same 24-hour window.
Implications for Solana's Market Position
The 6% spot SOL price decline indicates that newly opened positions were primarily shorts. Elevated trading volume also reveals long traders actively closing positions to avoid further downsizing.
If Solana’s price falls below $180, it would lose the $100 billion market valuation milestone momentarily. The move by Jump Crypto comes after the first spot Solana ETFs began trading on US exchanges on Oct. 28, 2025, with Bitwise’s Solana Staking ETF (BSOL) launching on the NYSE, with $69.5 million in first-day takings.