Key points:
Solana dropped nearly 10% despite Pantera Capital’s $1.25 billion plan for a Nasdaq-listed Solana treasury vehicle.
Futures open interest fell 11% to $11.38 billion, while technicals flashed a looming bearish MACD crossover.
News - Solana’s (SOL) price tumbled almost 10% in the past 24 hours, even as Pantera Capital confirmed plans to raise up to $1.25 billion to convert a Nasdaq-listed firm into a Solana treasury vehicle. Dubbed “Solana Co.,” the entity would hold SOL as its primary reserve, with $500 million raised initially, $750 million through warrants, and $100 million committed from Pantera itself.
The initiative would make Solana Co. the largest corporate SOL reserve, eclipsing existing public treasuries that currently hold about 3.4 million tokens. However, the announcement failed to offset broader market weakness. SOL futures open interest slid 11% to $11.38 billion, signaling traders were closing positions. At the same time, chart indicators highlighted a bearish MACD crossover, suggesting the pullback could deepen toward $171.88 if selling persists.
Treasury push beyond Pantera - Pantera’s move comes amid wider momentum for Solana treasuries. Galaxy Digital, Multicoin Capital, and Jump Crypto are collectively working on a $1 billion SOL fund with backing from the Solana Foundation and Cantor Fitzgerald as lead banker. Other corporates including Upexi, DeFi Development Corp, and Sharps Technology have added hundreds of millions in SOL reserves this year.
Network strength vs market weakness - Fundamentals remain resilient despite the price slide. Solana has led all blockchains in revenue for 23 straight weeks, generating $15.95 million most recently. Analysts see this consistency as a driver of long-term institutional confidence, even as short-term technicals point to further downside. Some traders project a rebound if demand returns, with resistance near $195–$211 and longer-term targets up to $222–$360.$SOL
