Key Points
- SOL fell about 10% as the broader crypto market experienced another widespread sell-off.
- The decline occurred despite Sharps Technology raising $400 million for a Solana treasury.
SOL posts worst performance among top 10
SOL, the native token of the Solana blockchain, is the weakest performer among the top 10 cryptocurrencies by market capitalization. Over the past 24 hours the token lost roughly 10% of its value and is trading near $187 per coin.
The downward pressure comes as the overall crypto market experienced another broad sell-off: Bitcoin slipped below $110,000 while Ether pulled back toward $4,400.
SOL’s decline also coincides with Sharps Technology (STSS), a Nasdaq-listed company, announcing a $400 million raise to establish what it describes as a corporate treasury of Solana digital assets.
The funding round attracted participation from prominent digital-asset investors, including ParaFi, Pantera, FalconX, CoinFund and Arrington Capital. The company sold shares at $6.50 each, with attached warrants exercisable at $9.75. Sharps Technology said it intends to use the proceeds primarily to acquire SOL, the native token of the Solana ecosystem.
Sharps Technology is not the only firm accumulating SOL; other public vehicles such as SOL Strategies (HODL), DeFi Development (DFDV) and Upexi (UPXI) have also built notable positions.
SOL could reclaim $200 if market recovers
The 4-hour chart for SOL/USD looks bearish in the short term following Solana’s recent losses. Technical indicators are currently neutral but could swing decisively if bulls or bears seize control of the market.
An RSI reading around 54 suggests buyers have lost some momentum, while MACD lines could move into bearish territory if selling persists. At the time of writing SOL trades near $188 per coin, slightly above a recent low of $185.
If a recovery takes hold, SOL could retake resistance near $213 within the coming hours or days. In a sustained bullish run, the token may attempt to break through the $220 resistance zone.
Nevertheless, the market structure remains tilted toward the downside, and SOL could suffer further losses. Should selling continue, SOL may slide to the $174 support level established on August 19. Failure to defend that support could expose the token to a monthly low near $152.