Solana Price Declines Amid Institutional Adoption and Treasury Growth

Solana (SOL) traded near $128.36 on November 22, 2025, marking a 4.63% depreciation over the previous 24 hours. This market contraction aligned with a broader cryptocurrency downturn, as Bitcoin fell below the $90,000 threshold. The immediate bearish price action contrasts with significant structural and institutional developments within the Solana ecosystem and among corporate holders of the asset.

Forward Industries (FWDI), which has focused its corporate treasury strategy on Solana, confirmed on November 15, 2025, that its holdings totaled 6,910,568 SOL tokens. This accumulation is supported by a $1 billion share repurchase program, signaling deep institutional commitment. Chairman Kyle Samani noted that the majority of these assets are actively staked, currently yielding a gross Annual Percentage Yield (APY) of 6.82%. FWDI has acquired approximately 6.83 million SOL since initiating this strategy in September 2025, with backing from firms including Galaxy Digital, Jump Crypto, and Multicoin Capital.

Further solidifying institutional infrastructure, SOL Strategies secured a mandate to provide staking services for VanEck's forthcoming U.S. spot Solana Exchange-Traded Fund (ETF), designated VSOL. This service will utilize their Orangefin validator node, which SOL Strategies acquired in December 2024. VanEck’s Director of Digital Assets Product, Kyle DaCruz, cited SOL Strategies' institutional focus and proven validator track record, noting the firm’s ISO 27001 and SOC 2 certified validators secure over CAD$610 million in staked assets. This follows positive regulatory progress for existing U.S. SOL ETFs, with Bitwise’s BSOL and Grayscale’s GSOL collectively reporting $476 million in net inflows as of November 21, 2025.

In contrast to these developments, Solana Company (HSDT), which balances neurotech operations with a Digital Asset Treasury (DAT) strategy, reported challenging third-quarter financial results on November 18, 2025. HSDT declared a net loss of $352.8 million for the quarter, largely influenced by non-operating liabilities from a $508 million Private Investment in Public Equity (PIPE) transaction finalized on September 18, 2025. Despite the loss, the company recorded $697,000 in revenue, including $342,000 derived specifically from staking rewards within its DAT segment.

Technically, the market structure for SOL on November 22, 2025, indicated bearish momentum, trading below key Simple Moving Averages (SMAs), including the 20-day SMA of $147.88, the 50-day SMA of $177.87, and the 200-day SMA of $179.78. The Relative Strength Index (RSI) stood at 30.33, suggesting oversold conditions that could signal a technical rebound. However, high trading volume on major exchanges was interpreted as indicative of asset distribution rather than accumulation. Key technical levels identified were resistance at $133.71 and support near $121.66, with the 52-week low at $105.40. The current market state reflects a tension between long-term infrastructure build-out and short-term volatility.