Solana ETF Close, Nasdaq-Listed Firm’s $1B Pullback Sparks 5% Drop

1d ago•

bullish:

bearish:

Solana SOL $158.3 24h volatility: 3.9% Market cap: $83.25 B Vol. 24h: $4.87 B is trading around $159.5, down 3.84% over the past 24 hours. The dip coincides with DeFi Development Corp’s withdrawal of its $1 billion fundraising plan for Solana purchase.

Notably, the U.S. Securities and Exchange Commission (SEC) recently flagged DeFi Development Corp’s Form S-3 filing as ineligible. The company failed to include a required management report on internal controls over financial reporting.

Despite the regulatory hurdle, the company confirmed that it plans to refile using a resale registration statement at a later date. It had previously outlined its intention to use the proceeds to accumulate more Solana tokens.

DeFi Development Corp has already amassed over 609,000 SOL, worth nearly $97 million, with its last reported purchase occurring at an average price of $139.66.

Long-Term Optimism

Despite the short-term sell pressure, market sentiment around Solana remains broadly optimistic. SOL appears to be breaking out of a week-long ascending triangle pattern that had capped its price at $155.2.

According to crypto analyst Ali Martinez, if this breakout sustains, the price could rise to $164 in the near term.

$164! ✅ https://t.co/MZdk5iFPro

— Ali (@ali_charts) June 11, 2025

The long-term bullish outlook for Solana is also supported by increasing institutional demand. Multiple asset managers, including Grayscale, VanEck, Bitwise, and 21Shares, have filed for spot Solana ETFs.

Bloomberg analyst Eric Balchunas recently raised the probability of a 2025 Solana ETF approval to 90%, citing SEC’s proactive stance. Crypto commentator Santolita noted that such a green light could “trigger a full-blown altseason.”

Bloomberg just dropped updated odds for upcoming spot crypto ETFs:

• $LTC — 90%
• $SOL — 90% (raised from 70% 👀)
• $XRP — 85%
• $DOGE — 80%

If these go live, it’s not just bullish, It’s a full-blown altseason trigger 🔥

I hope you’re stacking $LTC pic.twitter.com/iyeKitkohN

— Santolita (@SantoXBT) June 12, 2025

SOL price Outlook

On the daily SOL price chart, the Bollinger Bands are tightening, suggesting reduced volatility and a potential breakout. The price is hovering just below the midline (20-day SMA) at $160.95. If SOL fails to maintain this support, it could see a drop to the lower band at $141.

SOL price chart with RSI and Bollinger Bands | Source: Trading View

The RSI is currently sitting in a neutral region, indicating market indecision but sufficient room for upside. A decisive daily close above the $160 resistance could lead the sixth-largest cryptocurrency to rally towards $180.

Meanwhile, the MACD has recently flipped bullish, with the MACD line just crossing above the signal line. However, for confirmation, sustained green histogram bars are required.