Solana’s price has slipped below a key support level as treasury-linked companies tied to the ecosystem continue to weaken.
Crypto analyst Ted (@TedPillows) noted that Solana treasury firms are performing even worse than those tied to Ethereum. His analysis suggests a lack of strong bidding pressure, leaving Solana exposed to more downside.
The sell-off across treasury-linked firms appears to mirror the same fragility visible in the broader Solana market. Market watchers say Solana may not find momentum until treasury firms start accumulating again.
The chart shared by Ted illustrates heavy selling across Solana-linked treasury companies.
Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corp. all show prolonged declines. Each firm’s stock has been trending lower for months, marked by lower highs and persistent selling activity.
Sol Strategies, in particular, has fallen sharply below key support levels, echoing Solana’s broader market weakness. The synchronized drop among these companies indicates treasury holdings linked to Solana have been devalued over time.
Ted observed that this erosion of balance sheet strength is leaving these firms with little room to stabilize.
He explained that Solana’s market structure is being weighed down by the same problem, weak corporate demand. Without renewed buying activity from treasury-linked entities, Solana’s recovery could remain limited.
At press time, CoinGecko data showed Solana trading at $186.33, down 2.70% over 24 hours and 2.54% for the week.
Ted also pointed to fresh weakness among Ethereum treasury-linked firms.
In his post, he said that Ethereum-related treasury companies had started showing new declines after what appeared to be a short-lived recovery. Some have reportedly begun selling holdings, creating further pressure across the group.
According to Ted, the only path for a sustained Ethereum recovery is through renewed strength from treasury companies. The situation reflects a broader cooling across corporate balance sheets exposed to both Solana and Ethereum.
Analysts say the lack of institutional accumulation is becoming more visible across token price charts.
