Solana's SOL Drops 1.21% Despite Institutional Backing

Solana's native token, SOL, experienced a decline of 1.21%, settling at $143.38, as it failed to maintain momentum above $147.80 and closed near the day's low. This drop occurred despite strong institutional support, as evidenced by the filing of Canadian blockchain investor Sol Strategies with the U.S. Securities and Exchange Commission on June 18 to pursue a Nasdaq listing under the ticker STKE. The firm's filing aims to fund its Solana ecosystem strategy, which includes holding over 420,000 SOL tokens, valued at over $61 million. Sol Strategies is also seeking regulatory approval in Canada to raise up to $1 billion, in addition to an earlier $500 million convertible note issuance in April used to acquire and stake SOL.

Despite these bullish signals, SOL continues to trade defensively. Price action has been confined to a horizontal band for much of the past week, with the most recent breakout attempt above $147.80 failing to generate follow-through. Bears regained control during the final hours of trading, pushing SOL below the $144 psychological support. With price trending below major moving averages and volume tapering off mid-session, sentiment remains fragile even as long-term backing intensifies.

Technical analysis highlights that SOL traded in a 24-hour range from $143.23 to $147.80, a 2.83% swing. Resistance held at $147.80 after a failed breakout during the 22:00 UTC candle on June 18. Price declined steadily to $143.38, closing near the low after weak recovery attempts. Sellers were active between 13:46–14:00 UTC, with a drop from $144.62 to $143.38 on strong downside momentum. The $144–$145 zone remains critical; failure to reclaim it may open a path toward deeper support near $140.