DeFi Development Opens 30 Million Share Sale Program to Fund Solana (SOL) Buys

DeFi Development's 30 Million CHAD Share Program

DeFi Development Corp. has switched on a new financing channel built to expand its Solana (SOL) treasury, signing an agreement with broker-dealer R.F. Lafferty & Co. on September 11, 2026 that allows the Nasdaq-listed firm to sell up to 30 million CHAD preferred shares over time. Unlike a traditional underwritten offering, the program runs as an at-the-market (ATM) structure: shares are sold incrementally into the open market at prevailing prices, giving the company flexibility to raise capital only when conditions justify it. The filing we are looking at states that the company is under no obligation to complete the program and may suspend or terminate it at any time, with net proceeds earmarked for working capital, SOL purchases and strategic initiatives.

One clarification matters for the market: the 30 million figure refers to CHAD shares available for sale, not SOL tokens the company will acquire. The program arrives shortly after DeFi Development's initial CHAD issuance, in which it sold 1.375 million shares at $8 each for roughly $11 million in gross proceeds — approximately $10.3 million net — and flagged that the capital would be deployed toward institutional purposes including SOL accumulation. The firm positions itself as a public vehicle for accumulating SOL and growing its holdings through staking, so the ATM effectively functions as a recurring purchase mechanism it can tap whenever equity demand allows. It fits a broader pattern of Solana reaching corporate treasury strategies, alongside on-chain equity experiments such as the tokenized-stock footprint tracked in our related coverage of record $684M on-chain equity trading.

SOL Defends the $100 Zone

On the price side, Solana has been holding above the psychologically important $100 area, changing hands around $101–$102 in recent sessions. The asset pulled back modestly from its late-August peak near $110 but remains well above its summer lows, and the short-term structure now hinges on whether $100 can convert into firm support. Near-term resistance is framed at $104–$107, with a heavier concentration of sell-side liquidity — visible in trading volume and order-book depth — clustered between $108 and $110. Analyst Ucan identifies $97.70 as the level that keeps the bullish structure intact while price holds above it, and views $120 as the threshold for a broader breakout. A daily close above $110 would open the path toward $120, while losing the $97–$100 band risks a slide back toward the upper $90 range.

Institutional demand remains the key fundamental support. US-listed Solana ETFs entered September carrying more than $1 billion in assets after an 11-day net inflow streak in August, though the pace of flows has cooled this month. That slowdown matters because ETF purchases were one of the drivers of SOL's recovery from its summer lows, and a renewed acceleration would add the marginal demand needed to test the $110 resistance zone. On-chain data adds nuance to supply-side fears: the largest tracked wallet holds roughly 5.18 million SOL — about 1% of tracked supply — but examination of the biggest addresses shows most are staking accounts rather than individual whales positioning to sell, meaning headline balances do not translate directly into exchange-ready sell liquidity. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

$102.5 Resistance in Focus

COINOTAG's proprietary 42-indicator composite S/R scoring engine rates the $99.80 support at 85/100 — a STRONG level driven by Flip R→S and EMA 20 confluence — while first resistance at $102.53 scores 67/100 from ATR Upper and Bollinger Band Middle sources, with $109.14 next at 65/100. Spot SOL sits at $100.69, down 1.29% in 24 hours, with RSI at 54.50 and a bearish MACD signal inside a broader uptrend. Perpetual futures positioning shows funding at -0.0023%, open interest near $1.98 billion and a 2.57 long/short account ratio (72% long), against a Fear & Greed reading of 61 (Greed). The bullish thesis holds while $99.80 stands and a close above $102.53 targets $109; losing $99.80 invalidates it and exposes the $92.06 support, scored 66/100.