Solana Price Consolidation Continues Amid Corporate Treasury Buying Spree
Solana is holding its ground in a tough market. While the broader crypto sector dipped 1.27%, SOL is demonstrating resilience, trading steadily above the critical $130 support level despite a minor 2% daily pullback. This Solana price consolidation is occurring alongside a powerful, under-the-radar trend: corporate treasuries are aggressively accumulating SOL, with their collective holdings now exceeding 16 million tokens. This institutional backing is providing a solid foundation, even as the market digests the news of CoinShares canceling its planned U.S. Solana ETF.
Corporate Treasuries Become a Bullish Counterweight
The corporate accumulation narrative is a major bullish differentiator for Solana. Data reveals that corporate treasury positions have hit new monthly highs consistently from April through November 2025, with a significant acceleration this month. This isn’t speculative trading; it’s a vote of confidence in Solana’s long-term infrastructure from entities managing real balance sheets. This steady, institutional demand is creating a powerful counterweight to the short-term disappointment of the CoinShares ETF withdrawal, effectively insulating the price from a more severe drop.
CoinShares ETF Withdrawal: A Setback, Not a Fatal Blow
The cancellation of CoinShares’ Solana, XRP, and Litecoin ETF applications is undoubtedly a short-term headwind. The $10 billion asset manager cited “difficulties in the fund establishment process” when it asked the SEC to withdraw its registration. However, it’s crucial to maintain perspective. This does not affect the existing and highly successful Solana ETFs from Bitwise, Grayscale, and VanEck, which continue to see strong inflows. The Solana price consolidation we’re seeing suggests the market is rationally viewing this as a single firm’s strategic decision rather than a broader indictment of Solana’s ETF potential.
Technical Outlook: The Battle Between $130 and $150
Technically, SOL is in a clear consolidation phase between $130 and $137. The indicators are largely neutral: the RSI sits at 47, indicating a balance between buyers and sellers, and the MACD is hovering near its signal line. This Solana price consolidation is a classic coiling pattern that often precedes a significant move. The key levels are well-defined. A breakout above $137 could ignite a push toward the major resistance at $150. Conversely, a break below the $130 support could trigger a test of the $120 zone.
My Thoughts
This is a healthy basing period. The corporate treasury accumulation is the most bullish piece of this puzzle—it’s smart money building a long-term position, not chasing short-term pumps. The Solana price consolidation is shaking out weak hands and building energy for the next major move. While the ETF news creates a narrative headwind, the fundamental demand from both corporations and existing ETFs remains strong. I see this as a high-conviction accumulation zone for patient investors.
