The SOL perpetual futures funding rate recently turned negative, indicating dwindling confidence among traders. Despite solid fundamentals, institutional investors remain hesitant due to miner extractable value (MEV) concerns. The SOL token has not hit $180 since late May, causing skepticism about the possibility of a bull run in 2025. Demand for leveraged long positions has significantly dropped. Furthermore, Solana faces increasing competition from Ethereum and others, which may jeopardize its market share. While Solana has innovative developments, like Jito leading in decentralized applications, the continued avoidance by significant institutional players raises questions about future growth. In Q2 2025, Solana generated $271.8 million in network revenue—higher than both Ethereum and Tron—showcasing its healthy ecosystem. However, concerns over MEV may limit SOL’s recovery, making the possibility of reclaiming the $180 mark appear slim.

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