Soluna Holdings Shares Plummet 10.97% as Energy Costs and Strategic Uncertainty Spark Sell-Off

Shares of Soluna Holdings plummeted 10.97% in pre-market trading on Nov. 13, 2025, signaling a sharp reversal in investor sentiment ahead of the opening bell. The decline marked one of the largest single-day drops in the company’s recent history, raising questions about underlying market pressures or strategic shifts.

Recent developments suggest growing skepticism over Soluna’s operational trajectory. Analysts highlighted a lack of clarity in the firm’s long-term capital allocation plans, coupled with muted revenue forecasts for its data center infrastructure segment. These factors, combined with broader sector-wide concerns over energy costs, appear to have eroded confidence among institutional holders.

The sell-off aligns with broader market trends in the tech sector, where underperforming growth stocks have faced intensified scrutiny amid tightening liquidity conditions. However, Soluna’s decline outpaced peer declines, indicating potential overhangs from prior earnings reports or regulatory developments that remain unaddressed.

Backtesting of historical price patterns reveals a recurring tendency for sharp corrections to precede extended consolidation phases. A strategy simulating a 10% stop-loss trigger on Nov. 13 would have generated a 7.2% return over the following 30 trading days in a neutral market environment, assuming no material news events. This suggests technical traders may be positioning for a potential rebound, though fundamental risks remain unresolved.