SOL Drops Below $150 After Sell-Off Despite Growing Institutional Adoption Narrative
Solana’s SOL token experienced a 4.24% decline in the past 24 hours, trading at $149.46 after a sharp overnight sell-off from a high of $158.54. This downturn followed a surge in trading volume as SOL breached the $155 support level late Monday. The price eventually found a temporary bottom at $148.68 before consolidating around $150.
Despite the recent price correction, institutional investors remain bullish on Solana’s long-term prospects. Cantor Fitzgerald initiated coverage of three publicly traded companies—DeFi Development Corp (DFDV), Sol Strategies (HODL), and Upexi (UPXI)—all holding SOL as a treasury asset. The firm assigned an “overweight” rating to each, highlighting Solana’s superior developer growth and technical performance compared to Ethereum. Cantor’s analysis cited on-chain metrics demonstrating Solana’s higher throughput and lower latency. These firms, using SOL as a treasury asset, view it as a significant competitor to Ethereum, despite ETH’s considerably larger market capitalization (2.5 times that of SOL).
The recent price drop erased much of the weekend’s gains, but SOL remains above last week’s support zone. Market participants are closely monitoring whether the token can maintain its position within the $148–$150 range or if further downward pressure will materialize.
Technical analysis reveals a 7.0% drop in SOL-USD during the observation period, from $158.804 to $147.746, encompassing an 11.058-point range. The most significant sell-off occurred between 22:00 and 00:00 UTC, exceeding 2.7 million SOL in volume and breaking through the $155 support. The price subsequently stabilized around $152, trading within a narrowing range between $151 and $154. The $152–$153 zone shifted from support to resistance during the correction, with the session low reaching $148.68. A notable price drop occurred between 07:57 and 07:58 UTC, from $153.118 to $152.680, on a volume spike exceeding 150,000 SOL. The analysis period concluded with SOL consolidating between $153.400 and $152.680, exhibiting declining volatility, suggesting indecision amongst both buyers and sellers.
