Solana (SOL) is trading at $68.15, approximately -75% below its January 2025 all-time high, even as JPMorgan, Visa, PayPal, and Franklin Templeton actively rely on Solana’s infrastructure.
This is not a typo, and it is not a contradiction that is easily resolved. The central tension here: The biggest names in global finance are choosing Solana as a rail for next-generation capital markets, but the token itself is valued as a speculative altcoin in a down cycle.
What Tiger Research Really Discovered
In a June 19 report entitled Internet Capital Market 2026: Structural Changes in the United States and Strategic Direction for Asian InstitutionsTiger Research has identified Solana as the core infrastructure layer for what it calls Internet Capital Markets, or ICM, a model in which the issuance, trading and settlement of assets all occur on a single public blockchain.
The firm’s head of research, Yoon Seung-sik, said: “The validation has been completed, but the standards have not yet been corrected. This gap is precisely the window of opportunity that laggards can use.”
— Tiger Research (@tiger_research_) June 19, 2026
The institutional list documented by Tiger Research is not a list of exploratory white papers. JPMorgan arranged a $50 million commercial paper offering on Solana in December 2025, settled entirely in USDC – one of the first times a major US bank has issued and serviced debt on a public blockchain.
Franklin Templeton has 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 has 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 stablecoin PYUSD on Solana, explicitly citing the network’s Token-2022 standard, which allows for confidential transfers, programmable transfer hooks, and enhanced compliance features, as its primary technical rationale. Goldman Sachs disclosed $108 million of SOL securities in regulatory filings, marking its first-ever direct exposure to Solana, although it later confirmed this position.
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Why Institutions Still Choose Solana Rails
The technical case is simple. Solana processed 33 billion transactions in 2025 at an average cost of $0.0013, with transaction finality, the point at which a transaction is irreversible, of approximately 0.4 seconds.
As a reminder, U.S. Treasury market settlement delays alone generate approximately $32 billion in annual capital costs; In the broader bond and fixed-income market, that figure exceeds $45 billion a year, according to Tiger Research. A blockchain that sets up 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 freezing, permission list management, and confidential balance management to be integrated directly into the token itself, rather than being incorporated into separate legal agreements.
In May, Orca, a decentralized exchange based in Solana, launched a permissioned marketplace for tokenized real-world assets (RWA) limited to investors who have passed KYC checks, demonstrating that the compliance architecture is operational and not theoretical.
Solana’s RWA market cap increased 43% quarter-over-quarter to $2.01 billion in the first quarter of 2026, according to Messari.
The Solana Policy Institute also submitted Project Open to the U.S. Securities and Exchange Commission’s (SEC) Crypto Working Group, a framework for issuing and trading shares on a public blockchain, signaling that the regulatory design process is ongoing, not pending.
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So why did the SOL price drop by 75%?
The fundamental divergence between Solana’s institutional development and its SOL price boils down to a time gap that the market has yet to fill. The institutional adoption of Solana as a colonization infrastructure is a structural project that will extend over five to ten years.
SOL is always valued over three to six month macroeconomic risk cycles, with a strong correlation to broader altcoin sentiment. Messari explicitly pointed out that institutional adoption in the first quarter of 2026 grew even as prices in the broader crypto market fell.
Technical data directly reflects this macroeconomic surplus. SOL is 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, indicating low conviction in either direction.
The Relative Strength Index (RSI), a momentum indicator that ranges 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 wiped out its $108 million SOL position and Solana ETF net flows turned 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 the Solana rails need a working SOL for transaction fees, not for the token’s treasury allocations. The demand curve linked to the use of infrastructure is real but modest compared to the speculative positioning which led SOL to its all-time high.
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