Solana’s native token, SOL SOL, dropped to $143.38 Tuesday, down 1.21%, closing near the day’s low after failing to hold above $147, according to CoinDesk Research's technical analysis model.

The weakness came even as the ecosystem drew fresh institutional backing: Canadian blockchain investor Sol Strategies filed with the U.S. Securities and Exchange Commission on June 18 to pursue a Nasdaq listing under the ticker STKE.

While the filing itself is not an immediate market mover, it highlights a growing institutional commitment to Solana’s long-term outlook. Sol Strategies disclosed earlier this month that it holds more than 420,000 SOL, worth over $61 million, and has made SOL the centerpiece of its treasury strategy. The firm is also seeking regulatory approval in Canada to raise up to $1 billion, in addition to an earlier $500 million convertible note issuance in April used to acquire and stake SOL.

Despite these bullish signals, SOL continues to trade defensively. Price action has been confined to a horizontal band for much of the past week, with the most recent breakout attempt above $147.80 failing to generate follow-through. Bears regained control during the final hours of trading, pushing SOL below the $144 psychological support. With price trending below major moving averages and volume tapering off mid-session, sentiment remains fragile even as long-term backing intensifies.

Technical Analysis Highlights

• SOL traded in a 24-hour range from $143.23 to $147.80, a 2.83% swing.
• Resistance held at $147.80 after a failed breakout during the 22:00 UTC candle on June 18.
• Price declined steadily to $143.38, closing near the low after weak recovery attempts.
• Sellers were active between 13:46–14:00 UTC, with a drop from $144.62 to $143.38 on strong downside momentum.
• The $144–$145 zone remains critical; failure to reclaim it may open a path toward deeper support near $140.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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