No Reversal in Solana Treasuries: What About SOL?

Key Insights

• Solana Treasury companies’ stock prices are declining, with every small pump fully retracing.
• In the last three days, exchanges received about 1.40 million SOL, valued at around $110 million.
• SOL is trying to break out of the descending trendline that has held price action since the high seen in September 18, 2025.

Solana (SOL) is the seventh-largest crypto by market cap, with a valuation exceeding $45 billion. This data helped us understand why institutions were in such a rush to acquire SOL tokens that they even created their own DATs (digital asset treasuries).

However, this DAT’s strategy does not seem to be at its peak. Over the past six months, the profits of DAT companies have also traded south in unison with those of Ethereum (ETH). Moreover, holders also signaled massive selling on the line. Are these going to come together and tug the price of Solana crypto lower?

Why Solana Treasuries Are Key in SOL Price

For Solana crypto’s largest treasury company, Forward Industries Inc. (Nasdaq: FWDI) tumbled from $50 to around $4. The firm has already purchased roughly 6.91 million SOL at an average price of $230, holding a value of around $550 million. These SOL tokens cost roughly $1.58 billion in total, meaning their value had decreased threefold.

Sol Strategies Inc. (Nasdaq: STKE) held about 523K SOL worth $41 million. The price action of STKE was no different from that of Sharps Technology, Inc. (STSS) and DeFi Development Corp. (Nasdaq: DFDV). FWDI and DFDV were valued at around the same prices, between $3.50 and $5. The STKE and STSS stocks were trading around $1.50 levels.

The stock prices of these treasuries tend to decline when holdings decline or the prices of the underlying assets fall. In terms of accumulation, Solana DATs were quiet, suggesting the price of the altcoin may follow suit. This is because capital was not flowing into the altcoin amid ongoing geopolitical tensions.

Despite the bearish structure for these stocks, the altcoin may face increased selling, which could worsen the situation for Solana and its products, such as ETFs and DATs.

Solana Holders Hint at a Looming Sell-off

The exchange balance data revealed the impending sell pressure in Solana crypto. According to Santiment, traders deposited approximately 1.40 million SOL, valued at over $110 million, into exchanges in the last three days. Usually, such activity suggests that traders were cashing out even as the prices of most assets remained low.

The week started with the balance just below the 27.6 million mark, and it dipped slightly mid-week amid external withdrawals. Towards the end of the week, deposits spiked to 28.6 million, suggesting millions were ready to be offloaded.

The two metrics, namely the DAT’s price action trend and potential selling, suggested that a reversal in Solana crypto was unlikely. Only a reversal in the aforementioned two would invalidate a potential decline in price for the altcoin to align with the value of its firms’ stocks. Can the technical outlook change this prediction?

Solana Price Prediction: Will SOL Price Break Out?

On the daily charts, Solana has been declining, respecting a descending trendline resistance since mid-September when the price was around $240. The RSI at 41 is approaching the oversold area, suggesting that Solana has been making lower lows since then. Every small pump has led to a complete retracement, confirming bearish control.

Additionally, the MACD was red, indicating that bears were in control, as on-chain data showed. The altcoin has ranged between $72 and $90 for about two months, and only a break above the trendline can shift the projection.

Turning the slanting resistance into support would invalidate the bearishness in the altcoin. But the weakness seen in Solana DATs and massive deposits into exchanges are a big hurdle to a bullish flip. Otherwise, Solana’s price could drop to even $60 or lower as predicted by Polymarket traders earlier.

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