Solana finds itself in an increasingly contradictory position. On one side, institutional adoption is accelerating, with Mastercard launching around-the-clock stablecoin settlements and Morgan Stanley opening the door for wealth-management clients to convert SOL holdings into spot ETFs. On the other, a cascade of token sales and scheduled unlocks is flooding the market with supply, pushing the price toward its lowest point in a year.
The most immediate sell pressure came from Sol Strategies, the Canadian investment firm that unloaded 65,001 SOL on Tuesday — its first significant disposal since late 2025. The tokens fetched roughly C$87.88 apiece, netting the company about C$5.75 million. Chief executive Michael Hubbard said the proceeds were used to pay down outstanding debt. Sol Strategies still holds 456,173 SOL, worth approximately US$29 million, but the sale represented a 12.5% reduction in its treasury. It is a clear sign that even loyal corporate holders are paring risk.
June’s supply overhang extends far beyond one company. On June 10, the NFT marketplace Magic Eden is set to unlock 172 million tokens — nearly a third of its circulating supply. Two days later, the memecoin launchpad Pump.fun will release 10 billion of its own tokens. Across the broader blockchain ecosystem, more than US$1 billion in locked tokens are scheduled to become available this month. Meanwhile, earlier in June, roughly 624,666 SOL were already unlocked. More supply meeting weakening demand is a recipe for continued downside.
Yet the institutional on-ramp is widening at the same time. Mastercard activated an “always-on” stablecoin settlement system on Solana on June 7, enabling payments to flow 24/7 without manual intervention. Solana itself launched a native recurring-payment protocol called Subscriptions & Allowances on June 2, letting companies handle payroll, subscriptions and billing directly on-chain. Early adopters include Helius and Confirmo. Then, on June 8, Morgan Stanley began allowing its wealth-management clients to convert existing Solana positions directly into spot ETFs, placing SOL on equal regulatory footing with Bitcoin and Ethereum in the eyes of one of Wall Street’s largest custodians.
Should investors sell immediately? Or is it worth buying Solana?
None of that has stopped the exodus from crypto-focused exchange-traded funds. Solana spot ETFs recorded net outflows of US$471,650 on June 8 alone. Month-to-date, the total outflow has reached US$5.5 million — a stark reversal from May, when these funds attracted US$115.34 million in net inflows. The price has followed suit. SOL currently trades at US$64.80, down roughly 20% over the past week and nearly 50% since the start of the year. The relative strength index sits at 25.8, deep in oversold territory. The 52-week low of US$60.40, set on June 6, is just 7% below the current level.
Under the hood, the network remains remarkably active. Daily active addresses topped 4.16 million as of June 5, while the chain processes roughly 102.7 million transactions per day. The stablecoin supply on Solana has swollen past US$15.95 billion. Yet the DeFi total value locked, while still around US$8 billion, dropped 9.55% in the past week. More worrying for long-term holders, the net position of investors classified as “long-term” fell 28% over the same period — suggesting that even committed bulls are trimming their exposure.
The Alpenglow upgrade remains a potential medium-term catalyst, but the immediate picture is dominated by supply. With corporate treasuries selling, tokens unlocking and ETF flows reversing, all eyes are on the US$60 support level. Whether institutional adoption from the likes of Morgan Stanley and Mastercard can absorb this wave of selling pressure will determine whether Solana holds the line or breaks to new lows.
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