Solana Treasury Firms Face Heavy Losses as SOL Plunges 40% in 30 Days

The 30-day price decline for Solana is severe, with the token down 40% over the period. The drop accelerated sharply in the last 24 hours, with SOL trading at $81.12 and posting a 10.15% daily decline. This price weakness has directly vaporized value from the balance sheets of Solana-focused treasury firms.

The scale of exposure is massive. The 19 largest Solana treasury entities collectively hold approximately 18.5 million SOL, a portfolio valued at roughly $1.54 billion. The 40% price crash has erased nearly 40% of that total value, representing a 39.1% drop in their holdings over the same period. This isn't a uniform decline; specific firms are facing extreme losses.

The pain is concentrated among the largest holders. Forward Industries, with 6.9 million SOL on its balance sheet, has seen its position decline by 64%. Solana Company's holdings have fallen 65%, while DeFi DevCorp's position is down 42%. These figures illustrate how a single, sustained price drop can trigger massive, firm-specific capital destruction within the Solana ecosystem.

Leverage Dynamics & Exchange Flows

The sell-off is being amplified by extreme on-chain leverage. In the last 24 hours, more than $300 million in long positions have been liquidated. This cascade of forced selling directly pressures the price and likely triggered the sharp drop in Solana treasury holdings seen in recent weeks.

Simultaneously, a massive wave of SOL is flooding the market from staking. Weekly net unstaking surged to –1,155,788 SOL by February 2, a 150% increase from two weeks prior. This unlocked supply increases the available sellable tokens, adding direct downward pressure as these coins move to exchanges.

The divergence is stark at the ETF level. While the broader crypto market sees outflows, Solana spot ETFs recorded $2.82 million in net inflows on February 5. This suggests institutional capital is flowing into the asset despite the price weakness, creating a potential counter-current to the on-chain selling pressure.

Market Context & Catalysts

Solana is now trading at the very bottom of its recent range, with the token at $81.12 and the daily trading range capped at $93.189. This places SOL firmly within its 52-week range of $80.296 to $294.816, specifically near the lower support zone. The 30-day price decline of 40% has compressed the trading band, leaving the asset with little room to maneuver before facing a critical technical test.

The immediate technical outlook is bearish. SOL is trading below key support levels around $83-$85, a zone that has repeatedly failed to hold. A break below the broader support area of $95.33-$93.07 would signal a loss of all recent ground and could trigger a wave of further selling pressure. This breakdown would likely accelerate the liquidation cascade seen earlier, as leveraged longs are forced out of their positions.

The primary catalyst for this sustained weakness is a combination of macro risk-off sentiment and extreme on-chain leverage. Solana's high beta and retail-heavy ownership made it a prime target during a broader crypto sell-off, with $300 million in long positions liquidated in a single day. This forced unwinding, coupled with massive weekly unstaking, has created a self-reinforcing cycle of selling that has pushed the price to these vulnerable technical levels.