Solana (SOL) is trading at $68.15 , roughly -75% below its January 2025 all-time high, even as JPMorgan, Visa, PayPal, and Franklin Templeton are actively building on Solana’s infrastructure.
That is not a typo, and it is not a contradiction that resolves itself easily. The central tension here: the biggest names in global finance are selecting Solana as the rails for next-generation capital markets, yet the token itself is being priced like a speculative altcoin in a bear cycle.
What Tiger Research Actually Found
In a June 19 report titled Internet Capital Market 2026: Structural Shifts in the US and Strategic Direction for Asian Institutions, Tiger Research identified Solana as the core infrastructure layer for what it calls Internet Capital Markets, or ICM, a model where asset issuance, trading, and settlement all occur on a single public blockchain.
The firm’s head of research, Yoon Seung-sik, said: “The validation is over, but the standards have not yet been fixed. That gap is precisely the window of opportunity that latecomers can use.”
— Tiger Research (@tiger_research_) June 19, 2026
The institutional roster Tiger Research documented is not a list of exploratory white papers. JPMorgan arranged a $50 million commercial paper issuance on Solana in December 2025, settled entirely in USDC – among the first times a major U.S. bank issued and serviced debt on a public blockchain.
Franklin Templeton partnered with Ondo Finance to bring tokenized ETF products on-chain via Solana. BlackRock’s BUIDL fund reached $525.4 million on the network in Q1 2026.
Visa expanded its USDC settlement program to Solana in 2023, working with merchant acquirers Worldpay and Nuvei to settle cross-border payments directly in stablecoin.
PayPal launched its PYUSD stablecoin on Solana, explicitly citing the network’s Token-2022 standard, which enables confidential transfers, programmable transfer hooks, and enhanced compliance features, as the primary technical rationale. Goldman Sachs disclosed $108 million in SOL holdings in regulatory filings, marking its first-ever direct Solana exposure, though it subsequently cleared that position.
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Why Institutions Are Still Choosing Solana’s Rails
The technical case is straightforward. Solana processed 33 billion transactions in 2025 at an average fee of $0.0013, with transaction finality, the point at which a transaction is irreversible, of approximately 0.4 seconds.
For context, the U.S. Treasury market’s settlement delays alone generate roughly $32 billion in annual capital costs; across the broader bond and fixed-income market, that figure exceeds $45 billion per year, according to Tiger Research. A blockchain that settles in 0.4 seconds and charges fractions of a cent per transaction solves a real, measurable problem.
The programmable compliance angle is equally important for banks. Solana’s Token-2022 standard allows compliance functions, asset freezes, allowlist management, confidential balance management, to be embedded directly into the token itself, rather than bolted on through separate legal agreements.
In May, Orca, a Solana-based decentralized exchange, launched a permissioned marketplace for tokenized real-world assets (RWA) restricted to investors who had passed KYC checks, demonstrating that the compliance architecture is operational, not theoretical.
Solana’s RWA market cap rose 43% quarter-over-quarter to $2.01 billion in Q1 2026, according to Messari.
The Solana Policy Institute has also submitted Project Open to the U.S. Securities and Exchange Commission’s (SEC) crypto task force, a framework for issuing and trading equities on a public blockchain, signaling that the regulatory design process is underway, not pending.
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So, Why Is SOL Price Down 75%?
The fundamental divergence between Solana’s institutional build-out and its SOL price comes down to a timing mismatch that the market has not yet bridged. Institutional adoption of Solana as a settlement infrastructure is a five-to-ten-year structural build.
SOL is still being priced on three-to-six month macro risk cycles, with high correlation to broader altcoin sentiment. Messari noted explicitly that Q1 2026 institutional adoption expanded even as prices across the broader crypto market declined.
The technicals reflect that macro overhang directly. SOL sits below its 20-day moving average of $69.78 and well below its 50-day moving average of $80.16. Trading volume is 17% below the 30-day average, signaling weak conviction in either direction.
The Relative Strength Index (RSI), a momentum indicator that runs from 0 to 100, with readings above 70 suggesting overbought conditions and below 30 suggesting oversold, sits at 60.4, which is improving but not yet decisive.
Goldman Sachs clearing its $108 million SOL position and Solana ETF net flows turning negative despite over $1.06 billion in assets under management are the clearest signals that institutional infrastructure adoption and institutional token-price conviction are two separate things.
Banks and fintechs using Solana rails need operational SOL for transaction fees, not treasury allocations of the token. The demand curve from infrastructure usage is real but modest relative to the speculative positioning that drove SOL to its all-time high.
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