The broader crypto market experienced another wave of volatility over the weekend, with both Bitcoin and Solana recording sharp declines before recovering some of their losses. Solana fell below $82 for the first time in the past 3 weeks, marking its lowest price level in May so far. The decline added pressure to a market that has struggled to maintain momentum throughout the month. However, buyers quickly stepped back into the market, helping $SOL recover above $86, where the asset is currently trading.
Bitcoin also experienced heavy selling pressure. On Saturday, May 23, $BTC dropped below $75,000 and briefly touched $74,270 according to TradingView data. The decline marked Bitcoin’s lowest price since April 20. After recovery, Bitcoin traded within a volatile range between $76,000 and $78,000 as investors reacted to macroeconomic uncertainty.
The rapid selloff triggered widespread liquidations across the crypto market. According to CoinGlass data, 65,905 traders were liquidated within the last 24 hours, with total liquidations surpassing $231 million.
Trump’s Iran Deal Comments Shift Market Sentiment
Crypto markets began recovering shortly after U.S. President Donald Trump posted comments regarding a potential agreement involving Iran and several Middle Eastern countries.
In a Truth Social post published on May 23, Trump stated that the United States and Iran had “largely negotiated” an agreement that remained subject to final approval and finalization. Trump said discussions involved Saudi Arabia, the United Arab Emirates, Qatar, Pakistan, Türkiye, Egypt, Jordan, Bahrain, and other regional leaders.
Trump also stated that the Strait of Hormuz would reopen as part of the agreement. The Strait of Hormuz remains one of the world’s most important shipping routes for oil and energy exports. Concerns surrounding a potential closure have previously contributed to higher energy prices and increased uncertainty across global financial markets.
After Trump’s statement, crypto markets recovered roughly $75 billion in value as traders interpreted the comments as a potential easing of geopolitical tensions in the Middle East.
The recovery highlighted how sensitive crypto markets remain to macroeconomic and geopolitical developments. Bitcoin quickly reclaimed part of its losses, while Solana also bounced from its recent lows.
Trump Signals Negotiations Are Still Ongoing
On May 24, Trump posted another update regarding negotiations with Iran. Trump said negotiations were proceeding in an “orderly and constructive manner” while emphasizing that the United States would maintain its blockade until a final agreement was officially reached, certified, and signed.
The updated statement introduced additional uncertainty into markets. While traders initially responded positively to the possibility of a negotiated agreement, Trump’s follow-up comments reinforced that negotiations remain incomplete and subject to further developments.
Morgan Stanley Files for Solana Spot ETF
While traders focused on short-term volatility, a major institutional development involving Solana also emerged last week. On May 20, 2026, Morgan Stanley submitted an S-1 registration statement to the SEC for a Solana spot ETF. The proposed fund would trade on NYSE Arca under the ticker $MSOL.
The filing represents another major step toward broader institutional adoption of Solana. Over the past year, institutional interest in Solana has steadily increased as asset managers and financial institutions have explored regulated investment products tied to the blockchain.
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