SOL Price Stabilizes at $144 Amid Institutional ETF Developments
Solana (SOL) is trading at $144.14, down 2.06% in the last 24 hours, amid a broader correction in crypto markets due to rising geopolitical tensions. However, long-term institutional activity is providing support.
Key developments include:
- All seven spot Solana ETF issuers, including Fidelity and Grayscale, submitted updated S-1 filings with the SEC, now including staking provisions aligned with Solana's on-chain economics.
- DeFi Development Corp entered a $5 billion equity line of credit agreement with RK Capital to gradually issue shares for additional SOL accumulation.
- DeFi Development Corp applied to withdraw a prior S-3 filing with the SEC due to eligibility issues but plans to file a resale registration statement later.
- The firm currently holds over 609,190 SOL tokens, valued at more than $97 million.
Technical analysis indicates:
- SOL traded between $144.13 and $148.70 within 24 hours.
- Price is approaching the $144 support level, with resistance near $149.
- High-volume selling occurred from $145.95 during a brief period.
- Whale accumulation continues below $146, though follow-through is limited.
SOL’s price seems to be stabilizing despite subdued retail activity.