- Solana (SOL) fell 10% to $187 despite Sharps Technology raising $400M to build a corporate Solana treasury.
- The broader crypto market sell-off continues, though SOL could reclaim $200 if buying pressure returns.
Solana (SOL) has faced a sharp downturn, losing 10% in value over the last 24 hours, despite a major treasury adoption announcement. The decline highlights the uncertainty in the broader crypto market, with leading assets also experiencing steep sell-offs.
Solana’s Struggles Amid Market Sell-Off
SOL, the native coin of the Solana blockchain, has fallen to around $187, marking it as the worst performer among the top 10 cryptocurrencies by market capitalization. The decline comes as Bitcoin (BTC) slipped below $110,000 and Ethereum (ETH) dropped to the $4,400 region.
This widespread market weakness has overshadowed positive news for Solana, as strong institutional interest continues to build.
Treasury Adoption Fails to Lift SOL
Nasdaq-listed Sharps Technology (STSS) recently raised $400 million to build what could become the largest corporate digital asset treasury of Solana. The firm attracted backing from major investors such as ParaFi, Pantera, FalconX, CoinFund, and Arrington Capital.
Sharps Technology intends to allocate most of the raised funds toward purchasing SOL. Other firms like SOL Strategies, DeFi Development, and Upexi are also increasing their Solana holdings, signaling growing confidence in the ecosystem’s long-term potential.
Despite these developments, SOL has struggled to maintain investor enthusiasm in the face of broader market selling pressure.
Technical Picture: Can Solana Reclaim $200?
On the 4-hour chart, SOL/USD remains in bearish territory. The Relative Strength Index (RSI) stands at 54, suggesting buyers are losing control, while the MACD shows signs of weakening further.
If a recovery builds, SOL could push back toward resistance levels at $213 and possibly $220. However, continued bearish pressure may drag prices lower, with $174 acting as the next key support. A failure to hold this level could see SOL revisit its monthly low of $152.
Outlook for Solana
Despite the immediate setback, Solana’s strong adoption by institutions points to a resilient long-term outlook. Investors will be closely watching whether SOL can stabilize above $174 and reclaim $200 in the coming days.
With growing treasury adoption and expanding ecosystem support, Solana remains one of the key players to watch in the cryptocurrency market.
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