Solana's native cryptocurrency, SOL, has recently struggled, facing a rejection at the $158 level and dropping to $143, marking a 14% loss in a week. Concerns have grown regarding SOL's ability to reach $200 amidst increasing demand for leveraged positions, with futures open interest rising to 45.7 million SOL, valued at $6.7 billion. The funding rate for SOL futures fell to 0%, reflecting bearish sentiment in the market. Network activity on Solana has stagnated, with total value locked (TVL) around $10 billion and weekly DApp revenue below $40 million, down significantly from over $100 million earlier this year. Additionally, analysts highlight that while SOL could benefit from potential ETF approval, its long-term growth hinges on the adoption of tokenized securities on the Solana blockchain. Despite its current performance, growing institutional interest and blockchain adoption could reverse sentiment that has lately impacted prices.

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