Solana (SOL) Price Drops Below $150, Reversing Recent 10% Rally

Solana (SOL) price slipped below the $150 mark on Thursday, reversing gains from a recent 10% rally. Trading at $148.56

Solana (SOL) price slipped below the $150 mark on Thursday, reversing gains from a recent 10% rally. Trading at $148.56 at the time of writing, this Solana price drop contrasts sharply with rising interest from DeFi Dev Corp, which announced the purchase of an additional 65,305 SOL. As macro sentiment remains risk-on and bullish patterns persist, traders are watching key technical levels.

The broader cryptocurrency market remains elevated, but Solana’s short-term outlook could be shaped by how well bulls defend the $140–$150 zone amid shifting market momentum.

DeFi Dev Corp Announces New Acquisition Amid Solana Price Slip

DeFi Dev Corp has disclosed a new acquisition of 65,305 SOL, worth approximately $9.8 million, to be included in its treasury holdings. This brings the total to 317,273 SOL valued at nearly $47.6 million. The strategic move includes staked SOL sourced via BitGo’s OTC desk, aiming for native yield generation from locked tokens.

These assets, often tied to venture allocations or vesting schedules, are excluded from on-chain circulation but remain valuable to institutional investors. According to CEO Joseph Onorati, this approach allows DeFi Dev Corp to acquire discounted SOL and reinforce its long-term alignment with the Solana ecosystem.

However, this begs the question: Why is the SOL price dropping despite the growing interest from institutions like DeFi Dev Corp?

Solana Price Analysis: Is the Inverse Head-And-Shoulders Pattern Still Intact?

Despite the Solana price slip, technical indicators hint at a potential bullish reversal. The recent breakout from an inverse head-and-shoulders pattern suggests an upside target of $176, marking a 32% gain from the neckline.

Moreover, SOL price remains above the 50-, 100-, and 200-exponential moving averages, which reinforces the medium-term bullish case. However, current momentum is tapering off due to market hesitation and short-term selling pressure.

Chart 1 – SOL/USD live price, published by TradingView, April 24, 2025

On the other hand, bearish indicators like the flattening MACD and declining volume are casting doubt on immediate gains. A deeper Solana price fall could occur if bulls don’t reclaim the critical $150 mark. The next relevant support zone is at $140, which, if breached, could invalidate the breakout pattern.

If this level holds, the bullish thesis remains valid. Otherwise, the technical picture may worsen, especially as traders factor in macro risks and recent institutional accumulation by DeFi Dev Corp.

Solana price is falling as the crypto market continues to move lower. The majority of the top 10 cryptocurrencies by market capitalization are trading in red on Thursday morning.

Solana (SOL) price is slipping further

The Solana price decreased by 2% in the last 24 hours and now trades at $148.56. The broader cryptocurrency market is also seeing some losses with Bitcoin price slipping below the $47,000 mark.

The DeFi Dev Corp announced on Wednesday that it had added 65,305 Solana to its treasury at an average price of $150,000. This brings the total SOL holdings of the company to 317,273, valued at approximately $47.6 million. The firm stated that it had acquired the new batch of Solana via BitGo's OTC desk and that the tokens were being staked to generate native yield.

The firm's CEO, Joseph Onorati, noted that this strategy allows DeFi Dev Corp to acquire SOL at a discount and strengthen its alignment with the Solana ecosystem despite the ongoing Solana price drop. He added that BitGo's OTC desk provides an efficient way to make large-scale transactions without impacting the market price.

"This allows us to keep acquisition costs lower and avoid price spikes that could affect other market participants," Onorati explained.

As for what's next, analysts at Pivotal Capital Management are keeping an eye on the $140 support zone for the Solana price. According to them, if this level of support holds, then the bullish thesis will remain intact. However, a breakdown below this zone could lead to a deeper decline.

"The technical picture could deteriorate if the price continues to fall and breaks the critical support zone at $140. In this scenario, the bullish thesis may be challenged as traders weigh technical signals against the broader macroeconomic risks and recent institutional interest in Solana following DeFi Dev Corp's latest acquisition campaign."