Top public companies holding Solana (SOL) bought far above current prices.

This chart tells a simple but important story.

Top public companies holding #Solana (SOL) bought far above current prices.

With $SOL around $86.5, their average entry levels look roughly like:

• ~$230
• ~$223
• ~$195
• ~$154
• ~$152

That puts most of them 40–65% underwater on paper.

A few takeaways:

1. Corporate timing risk
Unlike Bitcoin treasuries that accumulated over multiple cycles, many SOL treasury plays entered during the late expansion phase. That concentrates drawdown risk.

2. Balance sheet pressure
If these firms financed purchases with debt or equity issuance, prolonged weakness can strain capital structure.

3. Supply overhang potential
Companies deep in unrealized losses may:

Hold stubbornly

Average down

Or sell into strength to de-risk

That creates future liquidity events around their break-even zones.

4. Psychological resistance levels
If SOL rallies back toward $150–$200, those areas may act as heavy supply as treasuries approach cost basis.

Historically, treasury strategies in volatile assets work best when:

• Accumulation happens during compression
• Not during parabolic phases

The difference between long-term conviction and late-cycle exposure becomes very visible during drawdowns.

Right now, these treasuries aren’t signaling strength.

They’re signaling that cycle timing matters.

And in crypto, timing is often the difference between strategic accumulation
and expensive enthusiasm.

#MarketRebound #sol