Solana's native token, SOL, has struggled to maintain levels above $200 in recent weeks as onchain activity diminishes and demand for bullish leverage is low. To achieve a price rally to $250, SOL would need increased onchain transactions, higher buy-side leverage demand, and positive outcomes regarding the SEC's Solana ETF applications. Recent data shows a decline in Solana's network fees and transaction volume, contrasting with rising activity in competitor networks. Despite institutional interest from entities like Galaxy Digital and Multicoin Capital, concerns linger over SOL's ability to sustain upward momentum due to weak onchain performance and bearish market sentiment. The anticipated SEC decision on spot ETFs could provide pivotal support, with analysts believing approval odds are high, although uncertainty remains until mid-October. While SOL may see short-term gains, sustainability is questioned under the current conditions, making long-term projections less optimistic.

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