The price of Solana (SOL) has fallen below $110, currently reaching $108.30, marking a 3.5% decrease over the past 24 hours and a 13% decline since the beginning of the year. This drop occurred after SkyAI, the fourth-largest entity holding SOL, sold a significant portion of its Solana assets. According to Lookonchain data, SkyAI initially held 2 million SOL worth $214 million, but over the past two days, it sold 1 million SOL worth approximately $107 million. In total, SkyAI moved 1.57 million SOL from its total assets in October, leading to unrealized losses exceeding $160 million, with an average purchase rate of around $194 per SOL.
Despite this, the sell-off does not indicate a loss of confidence in Solana. SkyAI plans to launch a share buyback offer to acquire up to 95% of each class of its shares and warrants at a price of $3 per share in cash. This offer represents a 65% premium to the closing price on October 9 and more than 100% to the 60-day average price.
The offer is expected to commence around October 15 and last for ten business days. The condition for the successful completion of the buyback is that at least 50% of each class must be tendered, and the SOL price must remain above $100 throughout the period. Nonetheless, cumulative SOL DAT increased by 6.9% at the time of the report, which may indicate hope for recovery. The key price level for traders remains at $115, and if SOL can surpass it, it could lead to a recovery of control by buyers.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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