Solana

Goldman Sachs fully unwound its Solana (SOL) spot ETF exposure in the first quarter of 2026, reversing a position valued at about $108 million. The move was disclosed in a Form 13F filed with the SEC on May 15, 2026, and coincided with SOL sliding over 13% in the past seven days to around $84.31, with market cap near $48.8 billion.

Goldman Sachs changed its crypto-linked ETF positioning in an SEC filing, fully removing XRP- and Solana (SOL)-related products while reducing its Ethereum (ETH) ETF exposure by about 70%. The disclosure also shows the firm still held roughly $700 million in Bitcoin ETFs and initiated a new Hyperliquid-related position valued at about $3.3 million.

Digital asset investment products posted net outflows of $1.074B last week, ending a six-week streak of inflows, with the US accounting for $1,140M of redemptions. Bitcoin led the pullback at -$982M and Ethereum followed at -$249M, while XRP (+$67.6M) and Solana (+$55.1M) still attracted capital. Total AUM slipped to $156.87B from $159B in the prior week.

Crypto investment funds logged $1.07 billion in net outflows for the week ending May 16, snapping a seven-week streak of positive weekly flows. Bitcoin products accounted for $981.5 million of withdrawals and Ethereum funds saw $249.3 million leave, while XRP and Solana attracted $67.6 million and $55.1 million in inflows. Total assets under management slipped to $157 billion from $159 billion a week earlier.

US spot Bitcoin ETFs posted a sharp reversal, recording about $1 billion in net outflows over the past five trading days after a prior week saw over $620 million in inflows. Spot Ethereum ETFs also stayed negative all week, totaling just over $255 million in net withdrawals, while ETH slipped from a $2,400 rejection to below $2,200. Over the same period, ETFs tracking SOL and XRP finished the week without any red days.

On 17 May 2026, a corporate treasury snapshot showed Forward Industries holding 6,979,967 SOL valued at $606.52M, far ahead of the next group of companies. Upexi, DeFi Development Corp, Solana Company, and Sharps Technology each reported positions between 2,140,000 and 2,400,000 SOL, with holdings valued from $185.96M to $208.55M. The top five disclosed treasuries total about 15,943,041 SOL, estimated at roughly $1.39B.

Veteran trader Peter Brandt says Solana (SOL) has formed a 14-week rectangle that could break down and extend a bearish setup. He argues a downside breakout could confirm a large head-and-shoulders top, implying a $43.70 target—about a 50% drawdown from current levels. SOL was trading at $86.97 at the time of writing.

DeFi Development Corp., a Nasdaq-listed company focused on holding Solana as a treasury asset, said its fully converted SOL per share rose 108% over the past year. The metric increased from 0.0322 on May 13, 2025, to 0.0670 on May 13, 2026, based on the firm’s reported SOL holdings and fully converted share count.

Solana is seeing stronger stablecoin inflows, with total stablecoin supply up over 6% this week, even as USDT and USDC remain negative. USDe has risen over 1,300% on Solana in the past month and its trading volume doubled to around $300 million overnight, while TVL fell below $6 billion and SOL posted a 9.3% weekly drop. The mix of higher leverage, weaker DeFi lock-up, and reported Q1 unrealized losses at two SOL treasury firms is being framed as a fragile setup heading into Q2.

Solana is preparing Alpenglow, a major network upgrade that aims to redesign block production and curb MEV, as the market continues to assess SOL’s trend. As of May 16, 2026 at 10:55 UTC, SOL/USD (Coinbase) traded at $85.92, down 3.67% on the week, while SOL/BTC (Binance) stood at 0.0011029, down 2.25%. Technical readings remain mixed, with the article noting bearish conditions alongside early signals that could improve if the upgrade delivers.