By July 23, 2025, the price of SOL has shown significant volatility, currently in a phase of consolidation following a high-level correction: the price hovered around $190.12 on that day, with a 24-hour decline of 5.6%. Previously, its price had reached a high of approximately $206.30 but quickly retreated, reflecting increasing profit-taking pressure in the market, while short-selling forces emerged for a short-term rebound, putting pressure on the price.
Currently, SOL is facing dual market influencing factors: on one hand, a large-scale unlocking wave is imminent. According to Token Terminal data, this unlocking involves various sources such as the expiration of early investors' locked positions and the release of project team incentives, with a substantial volume of tokens being unlocked. If market demand does not grow in tandem, the surge in supply may further exacerbate downward price pressure, a situation that has raised widespread concern and worry among market participants.
On the other hand, the accumulation of SOL coins by some institutions has attracted attention. Among them, the Nasdaq-listed company Lion Group Holding (LGHL) has completed its acquisition, holding 6,629 SOL in its cryptocurrency treasury as of July 23, with a total value of approximately $9.6 million; DeFi Development Corp plans to use private equity financing of $24 million to increase its SOL holdings; additionally, Classover Holdings has also disclosed that it will allocate some funds to purchase and stake SOL and participate in the operation of SOL verification nodes.
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