Solana (SOL) is trading at $68.15, about -75% below its January 2025 all-time high, even as JPMorgan, Visa, PayPal, and Franklin Templeton are actively building on Solana’s infrastructure.
That’s not a typo and it’s not a contradiction that’s easily resolved. The central tension here: the biggest names in global finance are selecting Solana as a guide to next-generation capital markets, but the token itself is being valued as a speculative altcoin in a bear cycle.
What Tiger Research Really Found
In a June 19 report titled Internet Capital Market 2026: Structural Changes in the US and Strategic Direction for Asian InstitutionsTiger 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 occur on a single public blockchain.
The company’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 newcomers can take advantage of.”
– Tiger Research (@tiger_research_) June 19, 2026
The institutional list documented by Tiger Research is not a list of exploratory technical documents. JPMorgan arranged a $50 million commercial paper issuance on Solana in December 2025, settled entirely in USDC, one of the first times a major US bank issued and repaid debt on a public blockchain.
Franklin Templeton partnered with Ondo Finance to bring tokenized ETF products to the chain through Solana. BlackRock’s BUIDL fund reached $525.4 million online in the first quarter of 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 stablecoins.
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 main technical foundation. Goldman Sachs disclosed $108 million in SOL holdings in regulatory filings, marking its first direct exposure to Solana, although it later clarified that position.
DISCOVER: The best Meme Coin ICOs to invest in 2026
Why institutions continue to choose Solana rails
The technical case is simple. Solana processed 33 billion transactions in 2025 with an average fee of $0.0013, with a transaction finality, the point at which a transaction is irreversible, of approximately 0.4 seconds.
For context, delays in US Treasury market settlements alone generate approximately $32 billion in annual capital costs; Across the bond and fixed income market, that figure exceeds $45 billion a 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, asset freezing, allowlist management, and confidential balance management functions to be built directly into the token itself, rather than 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, proving that the compliance architecture is operational, not theoretical.
Solana’s RWA market capitalization increased 43% quarter-on-quarter to $2.01 billion in the first quarter of 2026, according to Messari.
The Solana Policy Institute also presented the Open Project to the US Securities and Exchange Commission (SEC) crypto working group, a framework for issuing and trading shares on a public blockchain, indicating that the regulatory design process is underway, not pending.
DISCOVER: The Next Crypto Gem 1000x Before It Lists On Binance
So why is SOL price down 75%?
The fundamental divergence between Solana’s institutional build and its SOL price comes down to a temporary mismatch that the market has not yet overcome. The institutional adoption of Solana as settlement infrastructure is a five to ten year structural construction.
SOL price is still based on three- to six-month macroeconomic risk cycles, with high correlation to broader altcoin sentiment. Messari explicitly noted that institutional adoption in the first quarter of 2026 expanded even as prices across the crypto market declined.
The technical data directly reflects this macroeconomic excess. 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 weak 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 conditions, stands at 60.4, which is improving but not yet decisive.
Goldman Sachs liquidating its $108 million SOL position and the Solana ETF’s net flows turning negative despite over $1.06 billion in assets under management are the clearest signs 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 token treasury allocations. The demand curve for infrastructure use is real but modest relative to the speculative positioning that drove SOL to its all-time high.
EXCLUSIVE: Earn $10 USDC through Binance Registration
EXPLORE: Best Cryptocurrency Pre-Sales with Asymmetric Advantages on the Market Today
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin team members have been crypto experts since the early days of Bitcoin.
90 hours+
Weekly Research
100k+
Monthly readers
50+
Expert collaborators
2000+
Crypto Projects Reviewed
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends and insights right at your fingertips. Subscribe now!
Subscribe now 
