SkyAI Governance Battle Threatens Solana Price Rally
The Solana (SOL) price has been on a tear since mid-May, but its rally may be facing a new risk. SkyAI, formerly Sharps Technology, holds around 2.08 million SOL worth approximately $207 million, making it one of the largest public corporate holders of Solana.
The company's treasury includes about 1.49 million liquid SOL and roughly 509,650 locked SOL scheduled for release through 2028. This exposure gives SkyAI a significant connection to the Solana market.
A governance battle is brewing at SkyAI, with activist shareholders opposing the reelection of the entire board ahead of the September 18 annual meeting. The group has cited weakened shareholder rights and related-party dealings as reasons for their opposition.
The dispute may affect market confidence and demand for SOL if it continues to escalate. If the price loses momentum, the first downside level is around $80, with a deeper sell-off potentially pushing SOL toward $50.