Institutional Backing Grows, But Price Action Remains Bearish
Solana’s native token, SOL, slipped below the key $144 support level, closing at $143.38 on June 18 — a 1.21% decline from the previous session. This drop occurred even as Canadian blockchain firm Sol Strategies made headlines by filing with the SEC to list on Nasdaq under the ticker STKE, reinforcing its long-term bullish stance on the Solana ecosystem.
Sol Strategies Holds Over $61 Million in SOL
In its filing, Sol Strategies revealed it holds more than 420,000 SOL tokens, currently valued at over $61 million. The firm has made SOL a core treasury asset, complementing this move with an earlier $500 million convertible note issuance in April aimed at acquiring and staking more tokens. It is also seeking to raise up to $1 billion through regulatory approval in Canada — signaling deep institutional conviction in Solana’s long-term value proposition.
Price Action: Bears Still in Control
Despite these strong bullish signals from institutions, SOL price action remains weak. After failing to sustain momentum above $147.80, sellers pushed the token lower into the $144–$145 zone — a level that has acted as a critical support range in recent weeks.
On June 18, SOL traded between $143.23 and $147.80, a 2.83% range, but closed near the day’s low. A failed breakout at 22:00 UTC triggered renewed selling pressure, and during a sharp drop between 13:46–14:00 UTC, the price fell from $144.62 to $143.38.
The decline was accompanied by fading volume, especially during mid-session hours, a sign that momentum favors sellers despite underlying positive fundamentals.
Key Technical Levels to Watch
- Resistance: $147.80
- Immediate Support: $144.00–$145.00
- Next Major Support: $140.00
If SOL fails to reclaim the $145 level, it could open the door to a deeper pullback toward $140, especially if sentiment continues to weaken across the broader crypto market.
Conclusion
Solana’s price is under pressure despite growing institutional interest and ecosystem expansion. The disconnect between strong fundamentals and weak price action suggests that short-term sentiment remains bearish, and technical levels around $144 will be crucial to watch in the coming days.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.