Solana Slides Amid Sell-Off Fears

Key Findings

Solana's price has dropped to $108.30 after a 3.5% drop in the past 24 hours and a 13% drop in the year so far.

The sell-off is attributed to SkyAI's decision to sell 1 million SOL worth approximately $107 million over the past two days.

SkyAI's SOL position is currently sitting on unrealized losses exceeding $160 million.

Despite this, SOL's price remains supported by a 6.9% hike and potential buyback opportunities.

Traders are monitoring key price levels, including $115, which could determine the direction of SOL's price.

Market Context

Solana has been riding a giant wheel since the start of 2026, with a 13% drop in the year so far.

The altcoin has seen a 6.9% hike in the past two days, suggesting that hope remains.

However, Solana ETF flows have turned sharply negative in October, fueling fear.

Regulatory Environment

The sell-off does not necessarily reflect a loss of confidence in Solana.

SkyAI plans to launch a tender offer to buy back up to 95% of each class of its outstanding shares and warrants at $3 per share in cash.

This offer represents a 65% premium to its 9th October closing share price and more than a 100% premium to its 60-day volume-weighted average price.

Solana (SOL)

SkyAI

Lookonchain

Regulatory Enforcement

3

Solana's price has dropped below $110 after SkyAI's sell-off, sparking concerns about its Q4 rally.

Despite this, SOL's price remains supported by a 6.9% hike and potential buyback opportunities.

Traders must monitor key price levels, including $115, which could determine the direction of SOL's price.

A photo of a Solana blockchain node, with a subtle background of a financial graph, showing a slight downturn in price, but with a hint of hope and a potential recovery.