A company managing a Solana (SOL) treasury has reported a significant loss of $40.9 million, highlighting the risks of active crypto asset management during a bear market. The loss was disclosed by Helius Medical Technologies (NASDAQ: HSDT), which had pivoted its strategy from passive holding. Executive Chairman Joseph Chee had previously described 2025 as a "transformative year" for the company, anchored by the close of a $500+ million PIPE (Private Investment in Public Equity) transaction led by Pantera Capital and Summer Capital. The total potential proceeds could exceed $1.25 billion if warrants are exercised, with funds intended to implement a SOL treasury strategy and explore DeFi opportunities.
The broader market context adds substantial pressure on SOL's price, which is trading around $83 and dangerously close to a critical $80 support level. The token has posted an 8% weekly drop, the largest loss among the top 10 cryptocurrencies by market cap, and is down approximately 72% from its all-time high of $293. Weekly DEX volume on the Solana network has collapsed from $118 billion to $12 billion, indicating a severe drop in on-chain activity.
Macroeconomic factors and institutional flows are also weighing on the asset. Goldman Sachs has pushed back its timeline for expected interest rate cuts, and the Federal Reserve's March meeting provided no relief. Furthermore, U.S. spot Solana ETFs recorded $6.17 million in outflows on March 30, 2026, contributing to a cumulative inflow figure of $979.37 million and causing total net assets to fall to $801.91 million.
From a technical perspective, SOL's chart shows a deteriorating but not yet broken structure. The token holds above the $80 level, which prediction markets give a 38.5% probability of failing. A confirmed head-and-shoulders pattern suggests a potential measured-move target of $59 if support breaks. The biweekly chart places SOL in the 0.618 Fibonacci retracement zone between $52.11 and $72.55—the same area that preceded its rally to $295 in 2025. The immediate technical support is the Supertrend indicator at $79.67, with the February low of $67.44 acting as a major level below.
A potential catalyst for a positive shift is the anticipated Alpenglow upgrade, which targets sub-second finality for the Solana network. However, until its deployment is confirmed, market sentiment and technical factors remain the dominant forces controlling the price action.
