Solana price slips below $110 – Can SOL recover amid SkyAI’s sell-off?
Solan's latest decline has raised concerns about its Q4 rally.
Solana [SOL] price has been riding a giant wheel since the start of 2026. After trading near $146 in January, the altcoin has now dropped to $108.30 at press time. This happened after a 3.5% drop in the past 24 hours but a 13% drop in the year so far.
Decoding SkyAI’s Solana sell-off
Notably, SOL’s price dip coincided with SkyAI facing pressure after selling a significant portion of its Solana holdings at a loss.
According to Lookonchain data, the 4th largest SOL DAT reportedly held 2 million SOL worth $214 million initially. However, over the past two days, the firm sold off 1 million SOL worth approximately $107 million.
In fact, over the course of October so far, they have moved 1.57 million SOL out of their total holdings.
So, given the average purchase price of about $194 per SOL, SkyAI’s SOL position is currently sitting on unrealized losses exceeding $160 million.
What’s behind this sell-off?
The sell-off does not necessarily reflect a loss of confidence in Solana. But, rather, SkyAI plans to launch a tender offer to buy back up to 95% of each class of its outstanding shares and warrants at $3 per share in cash.
The offer represents a 65% premium to its 9th October closing share price and more than a 100% premium to its 60-day volume-weighted average price.
Expected to begin around the 15th of October and run for ten business days, the offer requires at least 50% of each class to be tendered and SOL to remain above $100 during the offer period.
SkyAI believes that the buyback will help optimize its capital structure while allowing investors to exit or retain their investments as it pursues its agentic AI financial platform strategy.
SOL DATs and ETFs ignite hope
Yet, despite this, the cumulative SOL DAT is not bleak, as it has seen a hike of 6.9% at the time of reporting, suggesting that hope remains.
However, with Solana ETF flows turning sharply negative in October, fear remains.
Nonetheless, with AMBCrypto’s recent report around Solana’s September rally, there is a possibility that SOL could set the stage for further gains in Q4.
Therefore, as of now traders must currently keep an eye on the key price level, which is $115. If SOL manages to surpass this level, buyers could regain control of the market
Final Summary
- SOL price action suggests caution, as it saw a 3.5% drop in the past 24 hours.
- This comes as SkyAI faces pressure after selling a significant portion of its Solana holdings at a loss.
