Solana's SOL Token Drops 4.24% to $149.46 After Late-Evening Sell-Off

Solana's SOL token experienced a significant drop, falling 4.24% to $149.46 over a 24-hour period. This decline came after a late-evening sell-off that erased earlier gains, with the token stabilizing just below the $150 mark despite continued institutional interest in its long-term potential. The sell-off occurred during late U.S. hours, with trading volume exceeding 2.7 million as the price broke below the $155 support level.

Despite the short-term pressure, some institutional investors remain optimistic about Solana’s long-term positioning. On Monday, Cantor Fitzgerald initiated coverage on three public companies—DeFi Development Corp (DFDV), Sol Strategies (HODL), and Upexi (UPXI)—that hold SOL as a treasury asset. The firm assigned all three “overweight” ratings and emphasized Solana’s technical strength, arguing that Solana has outpaced Ethereum in recent developer growth and technical performance. The report cited on-chain metrics that show higher throughput and lower latency for Solana compared to Ethereum.

While the recent correction has erased much of the weekend’s gains, SOL remains above last week’s support zone. Traders are now watching whether the token can hold the $148–$150 range or if further downside pressure will emerge. The steepest sell-off occurred between 22:00 and 00:00 UTC on volume exceeding 2.7 million SOL, breaking down through $155 support. Price later stabilized around $152 and traded in a tightening range between $151 and $154. The $152–$153 zone transitioned from support to resistance during the correction, with $148.68 marking the session low. At 07:57–07:58 UTC, price dropped from $153.118 to $152.680 on a spike exceeding 150,000 SOL in volume. Toward the end of the analysis period, SOL consolidated between $153.400 and $152.680 with declining volatility, signaling hesitation among both bulls and bears.