Solana (SOL) price has signaled a possible further correction after being rejected above $160 earlier this week. The large-cap altcoin, which is heavily incentivized by the mainstream adoption of memecoins and real-world assets tokenization (RWA), dropped over 5 percent in the last 24 hours to trade at about $146.55 on Tuesday, July 1, 2025, during the mid-North American trading session.
Institutional Demand Spells Hope for Solana
The demand for Solana has grown exponentially in the past year fueled by institutional investors. As Coinpedia noted, the U.S. SEC’s approval of the first Solana ETF product, after the agency gave Grayscale the green light to convert its Grayscale Digital Large Cap (GDLC) Fund into a spot ETF, signaled an imminent approval of the rest of the spot SOL ETF application soon.
Due to the growing organic demand for Solana, DeFi Development Corp. (NASDAQ: DFDV) has announced plans to double down on its SOL acquisitions. On Tuesday, DeFi Development Corp. announced it intends to raise $100 million through convertible senior notes due 2030.
“The Company intends to use a portion of the net proceeds from the offering to repurchase shares of the Company’s common stock, par value $0.00001 per share through the prepaid forward described below. The Company expects to use the remainder of the net proceeds from the offering for general corporate purposes, including the acquisition of SOL,” DeFi Development, noted.
What’s Next for SOL Price?
As with the rest of the altcoins, the SOL price has ultimately mirrored BTC price action in the recent past. In the daily timeframe, Solana price was rejected from the 50 Moving Average Simple (SMA), thus signaling the bulls have lost initial recovery momentum.
Nonetheless, the rising demand for SOL by institutional investors, amid crypto regulatory clarity, hints at a potential bullish recovery later this year.
