Solana’s native token, SOL, experienced a 4.24% dip in the past 24 hours, slipping to $149.46 after a tumultuous overnight sell-off. This unexpected downturn saw SOL retreat from a high of $158.54, as trading volumes surged, pushing the price below the critical $155 support late Monday. The token found a temporary bottom at $148.68 before bobbing around the $150 mark—a vivid illustration of the volatile nature of cryptocurrency markets.
Institutional Interest Amidst Volatility
Despite the rocky ride, some institutional investors remain surprisingly upbeat about Solana’s prospects. On Monday, the influential financial services firm Cantor Fitzgerald initiated coverage of three public companies—DeFi Development Corp (DFDV), Sol Strategies (HODL), and Upexi (UPXI)—all of which hold SOL as a treasury asset. Each received an “overweight” rating, underscoring Cantor’s faith in Solana’s technical capabilities.
Cantor’s analysts have pointed out that Solana is displaying an impressive trajectory in developer growth and technical prowess, potentially outpacing Ethereum. The firm highlighted on-chain metrics that reveal Solana’s superior throughput and reduced latency. According to Cantor, companies are increasingly viewing SOL not just as a treasury asset but as a formidable challenger to Ethereum’s dominance. ETH still boasts a market cap 2.5 times larger than Solana’s, but the narrative of competition is gaining traction. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
Technical Challenges and Market Sentiment
The recent correction has wiped out much of SOL’s weekend gains, yet the token remains above its support levels from last week. Traders are now eyeing the crucial $148–$150 range, speculating whether SOL can hold its ground or if further selling pressure will ensue.
During the most intense phase of this sell-off, SOL-USD plummeted 7.0%, oscillating between $158.804 and $147.746. The sharpest decline occurred late at night, between 22:00 and 00:00 UTC, where trading volumes surpassed 2.7 million SOL, effectively smashing through the $155 support. Subsequently, the price steadied around $152, entering a more restricted range between $151 and $154. Intriguingly, the $152–$153 zone shifted from being a support level to a resistance point, while $148.68 emerged as the session’s nadir.
As the trading session wound down, SOL consolidated between $153.400 and $152.680 with dwindling volatility—a clear indication of market indecision. Bulls and bears seemed to be in a stand-off, each waiting for the other to make the first move.
A Look Ahead
While the turbulence has certainly caught the eye of investors and analysts alike, questions remain about Solana’s ability to maintain its momentum. The cryptocurrency’s technical strengths seem promising, yet the market’s unpredictability leaves room for both optimism and caution. As explored in our recent coverage of SocGen’s Crypto Arm unveiling a Dollar Stablecoin on Ethereum and Solana, developments in the ecosystem continue to bolster Solana’s position.
As June progresses, market participants are poised to watch how SOL navigates the challenging waters of the $148–$150 range. Will it stabilize and push higher, or will the bears take the reins? The unfolding narrative promises to be as dynamic as the crypto market itself—filled with opportunities, risks, and the ever-present element of surprise.
Source
This article is based on: SOL Drops Below $150 After Sell-Off Despite Growing Institutional Adoption Narrative
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
