Solana’s SOL token dropped sharply to approximately $93 amid a broader market downturn. An analyst identified a potential accumulation zone between $55 and $75, suggesting this could precede long-term growth. Concurrently, the Solana Foundation launched an institutional trading program to bolster professional participation in its DeFi ecosystem.
Solana’s SOL token fell to a recent low of $90, trading near $93.35 as reported by CoinMarketCap data, marking a daily decline of over 6% and a weekly drop exceeding 25%.
Analyst Crypto Patel noted “The digital asset may test the $50 range before potentially reaching my long-term target of $500–$1,000.” He identified strong Fibonacci support between $55 and $75 in an X post.
The Solana Foundation launched a program called “Trade on Solana” to support institutional trading. It targets hedge funds and trading firms with structured onboarding and high-frequency market data.
The initiative aims to bridge traditional finance workflows with blockchain markets. Auyush Giri of Nethermind stated this reflects demand from the ecosystem’s growing activity and maturation.
Network activity remains robust with over $380 million in assets bridged to Solana in January. Solana-based applications also generated more than $146 million in revenue during the same period.
